Double declining Depreciation Method

Dexter Industries purchased packaging equipment on January 8 for $467,000. The equipment was expected to have a useful life of four years, or 8,400 operating hours, and a residual value of $38,600. 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 the double-declining-balance method. Also determine the total depreciation expense for the four years by this method. Round the answer for each year to the nearest whole dollar.