Dexter Industries purchased packaging equipment on January 8 for $741,600. The equipment was expected to have a useful life of four years, or 8,400 operating hours, and a residual value of $61,200. The equipment was used for 2,940 hours during Year 1,1,764 hours in Year 2,2,352 hours in Year 3 , and 1,344 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-of-activity method, and (c) the double-declining-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. 2. What method yields the highest depreciation expense for Year 1 ? 3. What method yields the most depreciation over the four-year life of the equipment? Equipment acquired on January 8 at a cost of $143,680 has an estimated useful life of 14 years, has an estimated residual value of $7,600, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? 5 b. Assume that the equipment was sold on April 1 of the fifth year for $96,580. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Dexter Industries purchased packaging equipment on January 8 for $741,600. The equipment was expected to have a useful life of four years, or 8,400 operating hours, and a residual value of $61,200. The equipment was used for 2,940 hours during Year 1,1,764 hours in Year 2,2,352 hours in Year 3 , and 1,344 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-of-activity method, and (c) the double-declining-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. 2. What method yields the highest depreciation expense for Year 1 ? 3. What method yields the most depreciation over the four-year life of the equipment? Equipment acquired on January 8 at a cost of $143,680 has an estimated useful life of 14 years, has an estimated residual value of $7,600, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? 5 b. Assume that the equipment was sold on April 1 of the fifth year for $96,580. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations