EXERCISE 9 Depreciation Methods 1. Straight-line 2. Units-of-production 3. Declining-balance On January 1, 2007, equipment was purchased for $280,000 cash. The equipment has an estimated useful life of four years and an estimated residual value of $8,000. The equipment is expected to produce 300,000 units during its useful life. If 20,000, 15,000, 12,000, 8,000units were produced in 2008,2009,2010 and 2011. What is the amount of depreciation expense by Straight-line, Units-of-production and Declining-balance for each year