Equipment costing $$48,000$ with a $4-$year useful life and an estimated $$8,000$ salvage value is acquired and started operating on January $1.$ The equipment is estimated to produce $5,000$ units of product during its life. It produced $750$ units in the first year.

Compute depreciation for the first year under straight$-$line, units$-$of$-$production, and double$-$declining$-$balance.

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Required $1$

Compute depreciation for the first year under straight$-$line.

$\backslash$table$[[$Straight$-$Line Depreciation$],[$Choose Numerator:,$1,$Choose Denominator:,$=,$Annual Depreciation Expense$],[,1,,=,$Depreciation expense$],[,1,,=,]]$