Calculating straightne, diminishing balance and units of production depreciation Bead purchased a new machine on 1 October 2018 at a cost of $265,000. The entity estimated that the machine has an residual value of $45,000. The machine is expected to be used for 55,000 machine hours during its 8 year life. Assume a 31 December year end Required Calculate the depreciation expense using the following method using the year indicated a. the straight-line mehtod for 2018 and 2019. (4 marks) b. the diminishing balance method using double the straight-line rate for 2018 and 2019 14 marks) the units of production method for 2018, assuming the machine usage was 1800 hours. (2 marks)