Comparing three depreciation methods Waylander Coatings Company purchased waterproofing equipment on January 6 for $641,000. The equipment was expected to have a useful life of 4 years, or 8,400 operating hours, and a residual value of $53,000. The equipment was used for 3,200 hours during Year 1, 2,600 hours in Year 2, 1,500 hours in Year 3, and 1,100 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 4 years by each method. Note: FOR DECLINING BALANCE ONLY, round the multiplier to four decimal places. Then, round the answer for each year to the nearest whole dollar. Depreciation Expense Year Straight-Line Method Units-of-Activity Method Year 1 147,000 $ X Year 2 147,000 X Year 3 147,000 X Year 4 147,000 X Total 588,000 588,000 Double-Declining- $ Balance Method X X 2. What method yields the highest depreciation expense for Year 1? Double-declining-balance method X 3. What method yields the most depreciation over the 4-year life of the equipment? All three depreciation methods X XX X