Comparing Three Depreciation Methods Dexter Industries purchased packaging equipment on January 8 for $681,000. The equipment was expected to a useful life of four years, or 8,800 operating hours, and a residual value of $56,200. The equipment was used 3,080 hours during Year 1, 1,848 hours in Year 2, 2,464 hours in Year 3, and 1,408 hours in Year 4. Required: 1. Determine the amount of depreciation expense for the four years ending December 31 by (a) the straight-lin method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the four years by each method. Round the answer for each year to the nearest wl dollar