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Layton Company purchased tool sharpening equipment on October 1 for $33,210. The equipment was expected to have a useful life of 3 years or 3,780
Layton Company purchased tool sharpening equipment on October 1 for $33,210. The equipment was expected to have a useful life of 3 years or 3,780 operating hours, and a residual value of $1,080. The equipment was used for 700 hours during Year 1, 1,300 hours in Year 2, 1,100 hours in Year 3, and 680 hours in Year 4. Required: Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2, Year 3, and Year 4, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Note: FOR DECLINING BALANCE ONLY, round the multiplier to four decimal places. Then round the answer for each year to the nearest whole dollar
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