Computing Depreciation Using Various Depreciation Methods To demonstrate the computations involved in several methods of depreciating a fixed asset, the following data are used for equipment purchased on January 1, 2020. Cost and residual value Estimated service life: Arquisition cont $12.500 Year Residual value $530 Service Hours 10,000 Productive outout (units) 24,000 Required Compute annual depreciation using cach of the following methods. Straight line depreciation: Compute the depreciation rate and amount for each year. Depreciation Rate 2020 2022 2023 2024 Depreciation Expenses OXS OX 2021 b. Units-of-production method using service hours as a measure of input: Compute the depreciation rate and amount of depreciation expense for the first year assuming 2,200 service hours of actual operation. Depreciation Rate 1.2 2020 2,640 Depreciation Expense c. Units-of-production method using units produced as a measure of output: Compute the depreciation rate and amount of depreciation expense for the first year assuming 4,000 units of output. Depreciation Rate 2020 Depreciation Expenses 2,000 d. Sum-of-the-years-digits method: Compute the depreciation amount for each year, 2022 Ox 300 2020 2021 2023 2024 $ e. Double-declining-balance method: Compute the depreciation amount for each year. 2020 2021 2022 2023 2024 $ 5.000 $ 3,000 s 1,800 t 1.050 $ DX