Comparing Three Depreciation Methods Waylander Coatings Company purchased waterproofing equipment on January 6 for $588,600. The equipment was expected to have a useful life of four years, or 7,200 operating hours, and a residual value of $48,600. The equipment was used for 2,700 hours during Year 1, 2,200 hours in Year 2, 1,300 hours in Year 3, and 1,000 hours in Year 4. Required: 1. Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2. Year 3, and Year 4, by (a) the straight-line 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. Note: Round the answer for each year to the nearest whole dollar Depreciation Expense Year Straight-Line Method Units-of-Activity Method Year 1 205,200 x 205,200 x Double-Declining-Balance Method 294,300 Year 2 167,400 x 147,150 Year 3 97,200 X 73,575 Year 4 $70,200 x 98,550 X Total Y 12