Depreciation of assets - 45 points On January 1, 2020, a company purchased and placed in service some manufacturing equipment with a cost of $480,000. The company estimated the machine's useful life to be 7 years or 100,000 units of output with an estimated salvage value of $60,000. During the second year, 28,000 units were produced. What is the depreciation for the second year of the machine's useful life, assuming the company uses: a. The straight-line method of depreciation b. The units-of-production method of depreciation c. The double-declining balance method of depreciation