Depreciation Methods Sorter Company purchased equipment for $380,000 on January 2, 2016. The equipment has an estimated service life of 8 years and an estimated residual value of $38,000 Required Compute the depreciation expense for 2016 under each of the following methods: 1.straight-line:42,750 2. sum-of-the-years'-digits: $1 70,000| x 3. double-declining-balance: $1 87,500 X