Fancy Frappuccino purchased a coffee drink machine on January 1, 2016, for $37,000. Expected useful life is 10 years or 150,000 drinks. In 2016, 8,000 drinks were sold, and in 2017, 18,000 drinks were sold. Residual value is $7,000. Read the requirements. Requirement 1. Determine the depreciation expense for 2016 and 2017 using the following methods: (a) Straight-line (SL), (b) Units of production (UOP), and (c) Double-declining-balance (DDB). For each method (starting with (a) the straight-line method), select the appropriate formula needed to compute annual depreciation and then determine depreciation expense under that method for 2016 and 2017. (Round any depreciation expense per unit amounts to the nearest cent and all other amounts to the nearest whole dollar.) Annual Depreciation Formula 2016 2017 Requirements a. SL 1. Determine the depreciation expense for 2016 and 2017 using the following methods: a. Straight-line b. Units-of-production c. Double-declining-balance 2. Prepare a schedule that shows annual depreciation expense, accumulated depreciation, and book value for 2016 and 2017 using the following methods: a. Straight-line b. Units-of-production c. Double-declining-balance 3. Assume that Fancy Frappuccino sold the equipment for $26,000 cash on July 1, 2018. Assume that management has depreciated the equipment by using the double-declining-balance method. Record Fancy Frappuccino's depreciation for 2018 and the sale of the equipment on July 1, 2018