Dexter Industries purchased packaging equipment on January 8 for $340,000. The equipment was expected to have a useful life of four years, or 8,000 operating hours, and a residual value of $28,000. The equipment was used for 2,800 hours during Year 1, 1,680 hours in Year 2, 2,240 hours in Year 3, and 1,280 hours in Year 4. Required: 1. Determine the amount of depreciation expense for the four years ending December 31 by (a) the straight line method, (b) the units- activity method, and (c) the double-dedining-balance method. Also determine the total depreciation expense for the four years by each method. Round the answer for each year to the nearest whole dollar. Depreciation Expense Units-of-Activity Double-Declining- Straight-Line Method Method Balance Method Year Year 1 Year 2 Year 3 Year 4 This Total 2. What method yields the highest depreciation expense for Year 1? 3. What method yields the most deprecidjon over the four-year life of the equipment