Depreciation Methods Winsey Company purchased equipment on January 2, 2019, for $700,000. The equipment has the following characteristics: During 2019 and 2020, the company used the machine for 4,500 and 5,500 hours, respectively, and produced 40,000 and 60,000 units, respectively. Required: Compute depreciation expense for 2019 under each of the following methods: Round the depreciation rate per hour to 3 decimal places and depreciation rate per unit to 2 decimal places. If required, round your final answers to the nearest dollar. Compute depreciation expense for 2020 under each of the following methods: Round the depreciation rate per hour to 3 decimal places and depreciation rate per unit to 2 decimal places. If required, round your final answers to the nearest dollar. Compute depreciation expense for 2020 under each of the following methods: Round the depreciation rate per hour to 3 decimal places and depreciation rate per unit to 2 decimal places. If required round your final answers to the nearest dollar. 7. Next Level if Winsey used a service life of 16 years, 80,000 hours, or 750,000 units of output, what would be the effect on depreciation expense under the straight-line, sum-of-the-years'-digits, and declining-balance.depreciation methods? If required, round your answers to the nearest dollar