M9-7 Calculating Partial-Year Depreciation (LO 9-3) Calculate the amount of depreciation to report during the year ended December 31 for equipment that was purchased at a cost of $74,000 on October 1. The equipment has an estimated residual value of $2,000 and an estimated useful life of five years or 20,000 hours. Assume the equipment was used for 1,000 hours from October 1 to December 31 and the company uses (a) straight-line, (b) double- declining balance, or (units-of-production depreciation. (Do not round Intermediate calculations.) Depreciation (a) (h) c) Straight-Line Double Declining-Balance Units of Production