Marconi Industries installed a new piece of equipment on March 10, 2020. The equipment cost $500,000 and has a useful life 5 years. The estimated residual value of the equipment at the end of its useful life is $50,000. The company's year-end is December 31. At the time the purchase, the estimated useful life of the equipment was 40,000 hours. The actual hours of usage over the life of the equipment were: Year 2020 2021 2022 2023 2024 Hours 7,350 11,500 9,500 8,750 4,250 REQUIRED: a) Calculate depreciation expense over the useful life of this machine. The company uses the nearest whole month method to calculate depreciation in the year of acquisition Insert the amounts for each method in the table below. Attach your supporting work. Calculate depreciation for the following methods: Straight-line Double Declining Balance Units-of-Production Year Straight-line Double-Declining Balance Method Method Units-of-Production Method method to calculate depreciation in the year of acquisition Insert the amounts for each method in the table below. Attach your supporting work. Calculate depreciation for the following methods: Straight-line Double Declining Balance Units-of-Production Year Straight-line Double-Declining Balance Method Method Units-of-Production Method TOTAL b) See Part (b) on next page b) Prepare the journal entry to record the 2020 depreciation using the straight-line method.. Date Account NameDebit Credit