Dexter Industries purchased packaging equipment on January 1 for $72,000. The equipment was expected to have a useful life of three years, or 18,000 operating hours, and a residual value of $4,500. The equipment was used for 7,600 hours during Year 1, 6,000 hours in Year 2, and 4,400 hours in Year 3. Instructions Determine the amount of depreciation expense for the first year by (a) the straight-line method (b) the units-of-activity method (c) the double-declining-balance method