On January 1, 2006, Hobart Manufacturing Co. purchased a drill press at a cost of $36,000. The drill press is expected to last 10 years and have a residual value of $5,000. During its ten-year life, the equipment is expected to produce 500,000 units of product. In 2006 and 2007, 25,000 and 84,000 units, respectively, were produced. REQUIRED: Year a. Compute depreciation expense for 2006 and 2007, and book value of the drill press at December 31, 2006 and 2007, assuming the straight line method is used (8 points). Depreciation expense Accumulated Depreciation Book Value b. Kompute depreciation expense for 2006 and 2007, and book value of the drill press at December 31, 2006 and 2007, assuming the double-declining-balance method is used (8 points). Cost Year Cost Depreciation expense Accumulated Depreciation Book Value c. Compute depreciation expense for 2006 and 2007, and book value of the drill press at December 31, 2006 and 2007, assuming the sum-of-the-years-digits method used (8 points). Year Cost Depreciation expense Accumulated Depreciation Book Value d. Compute depreciation expense for 2006 and 2007, and book value of the drill press at December 31, 2006 and 2007, assuming the units of production method (8 points). Year Cost Depreciation expense Accumulated Depreciation Book Value