Hello,

Please help me with this problem and give an explanation for the correct answer. Thank you.

On January 1, 2021, Canseco Plumbing Fixtures purchased equipment for $34,000. Residual value at the end of an estimated four-year service life is expected to be $8,000. The company expects the equipment to operate for 10,000 hours. The equipment operated for 2,400 and 3,200 hours in 2021 and 2022, respectively.

Required: a. Calculate depreciation expense for 2021 and 2022 using straight line method. b. Calculate depreciation expense for 2021 and 2022 using double-declining balance method. c. Calculate depreciation expense for 2021 and 2022 using units-of-production using hours operated.

Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate depreciation expense for 2021 and 2022 using straight line method. Straight-Line Depreciation Choose Numerator: Choose Denominator: Annual Depreciation Expense = Depreciation Expense Cost Estimated Useful Life (years) Depreciation Expense 2021 2022 Required A Required B Required C Calculate depreciation expense for 2021 and 2022 using double-declining balance method. Depreciation for the Period End of Period Annual Period Beginning of Period Book Value Depreciation Rate Depreciation Expense Book Value (%) Accumulated Depreciation 0 $ 0 2021 2022 - $ $ Required A Required B Required C Calculate depreciation expense for 2021 and 2022 using units-of-production using hours operated. (Round "Depreciation per machine hour" answers to 2 decimal places.) Select formula for Units of Production Depreciation Calculate 2021 depreciation expense: Depreciation per machine hour Machine hours in 2021 Depreciation in 2021 Calculate 2022 depreciation expense: Depreciation per machine hour Machine hours in 2022 Depreciation in 2022