Homework Problem 1 Depreciation Miller Coatings Company purchased waterproofing equipment on January 2,2020 , for $380,000. The equipment was expected to have a useful life of four years, or 8,000 operating hours, and a residual value of $36,000. The equipment was used for 3,000 hours during 2020,2,500 hours in 2021,1,400 hours in 2022, and 1,100 hours in 2023. Using the depreciation template and following the examples given compute annual depreciation and carrying value for the waterproofing equipment for each of the 4 years under each of the following methods: 1 - straight-line method, 2 - the units of production method and 3 - the double declining balance method