NIFO Company purchased packaging equipment on January, 1996 for $315,000. The equipment was expected to have a useful life of 3 years, or 12,000 operating hours, and a residual value of $15,000. The equipment was used for 3,000 hours during 1996, 5,800 hours in 1997 and 3,200 hours in 1998. Instructions: Determine the amount of depreciation expense for the years ended December 31, 1996, 1997, and 1998 by (a) the straight-line method, (b) the units-of-production method, and (c) the declining-balance method, using twice the straight-line rate. Also determine the total depreciation expense for the three years by each method. The following columnar headings are suggested for recording the depreciation expense amounts: Year Depreciation Expense Straight-Line Method Units-of-Production Method Declining-Balance Method