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Price PROBLEM 1 (Depreciation for Partial Period--SL, SYD, and DDB) Hobe Company purchased equipment on August 1, 2020. The following information relating to the equipment was gathered at the end of August $150,000 Credit terms 1/10,n/60 Freight-in costs $ 2,100 Preparation and installation costs $ 2,600 Labor costs during regular production operations $ 21,500 It was expected that the equipment could be used for 8 years after which the salvage value would be zero. Hobe intends to use the equipment for only 5 years, however, after which it expects to be able to sell it for $11,600. The invoice for the equipment was paid August 9, 2020. Hobe uses the calendar year as the basis for the preparation of financial statements. Instructions (a) Compute the depreciation expense for the years indicated using the following methods. (Round to the nearest dollar) (1) Straight-line method for 2020. (2) Sum-of-the-years' digits method for 2021. (3) Double-declining-balance method for 2020. (b) Suppose the president of Hobe tells you that because the company is a new organization, she expects it will be several years before production and sales reach optimum levels. She asks you to recommend a depreciation method that will allocate less of the company's depreciation expense to the early years and more to later years of the assets' lives. What method would you recommend