Comparing Three Depreciation Methods Waytander Coatings Company purchased waterproofing equipment on January 6 for $320,000. The equipment was expected to have a useful fe of four years, or 20,000 operating hours, and a residual value of $35,000. The equipment was used for 7,200 hours during Year 1,6,400 hours in Year 2, 4,400 hours in Year 3, and 2,000 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 straighede 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: FOR DECUNING BALANCE ONLY, round the multiplier to four decimal places. Then round the answer for each year to the nearest whole dollar, Depreciation Expense Straight-Line Method Units-of-Activity Method Double-Declining-Balance Method Year 1 Year Year 2 Year Year 4 Total 2. What method yields the highest depreciation expense for Year 1? 3. What method is the most depreciation over the four year life of the element