Exercise 7-10B Determine depreciation for the first year under three methods (L07-4) A company purchased store equipment for $16,000. The company estimates that at the end of its 10-year service life, the equipment will be worth $1,000. During the 10-year period, the company expects to use the equipment for a total of 10,000 hours. The company used the equipment for 1.520 hours the first year. Required: Calculate depreciation expense of the equipment for the first year, using each of the following methods. (Do not round your Intermediate calculations.) 1. Straight-line. Depreciation expense 2. Double-declining-balance. Depreciation expense 3. Activity-based Depreciation expense