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ACC 112 Project 1A On January 1, 2016, Nicholas Company purchased Office Equipment for $112,000 with an estimated useful life of 5 years, or 250,000 hours and a residual value of $12,000. Compute the annual depreciation at the end of 2018, the 3rd year, under each of the following depreciation method for Nicholas Company: 1) Straight-Line Method 2) Units of Production Method, assume that a total of 70,000 hours were used in 2018. 3) Double-Declining Balance Method Using the Straight-Line Depreciation Method, calculate the amount of depreciation taken in 2018. (Round answers to 2 decimal places. Do not use dollar signs ($) when ent comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Annual Depreciation = Cost of the Office Equipment Residual Value Estimated Useful Life (in years) ($ 112000 $ 12000 20000 $ 350000 $ 4000 per year Depreciation in 2018 = 20000Using the Units of Production Depreciation Method, calculate the Depreciation Cost per Hour and the amount of depreciation taken in 2018. (Round answers to 2 de ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Depreciation Cost per Hour - Cost of the Office Equipment Residual Value Estimated Useful Life (in hours) ($ 112000 12000 250000 0.40 / hour Depreciation in 2018 = Estimated Useful Life (in hours) X Depreciation Cost per Hour = 70000 X 0.40 = 5 28000Using the Double-Declining Balance Depreciation Method, calculate the Double-Declining Balance (DDB) Rate then complete the table below for the years 2016 through 2018. (Round answers to 2 decimal places. not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Double-Declining Balance (DDB) Rate = 40 / Years Annual Depreciation Accumulated Depreciation Book Value 2016 44,800 44,800 67,200 2017 26,880 $ 71,680 $ 40,320 2018 $ 16,128 87,808 $ 24, 192 Depreciation for 2018 = $ 16128 Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for Later" button to save your work