Depreciation (30 Points) Sport Company purchases equipment on May 1, 2020. The cost of the equipment is $300,000. It is estimated that the equipment will have a $25,000 salvage value at the end of its service life, and the service life is estimated to be 5 years. Its total working hours are estimated to be 60,000, and its total production is estimated to be 400,000 units. During 2020 the machine was operated 6,000 hours and produced 40,000 units. During 2021 the machine was operated 8,000 hours and produced 60,000 units. Required: Compute depreciation expense on the equipment for the years ended December 31, 2020 AND 2021 using the following methods. 1. Straight-line 2. Units of Production 3. Working Hours 4. Sum-of-the-years-digits 5. Double-declining balance IMPORTANT: You are expected to show the details of your work. Answers with no supporting computations will not receive credit. Clearly indicate how much depreciation is for 2020 and how much depreciation is for 2021