On January 1, 2024, Canseco Plumbing Fixtures purchased equipment for $30,000. Residual value at the end of an estimated four- year service life is expected to be $2,000. The company expects the equipment to operate for 10,000 hours. The equipment operated for 2,200 and 3,000 hours in 2024 and 2025, respectively. Required: a. Calculate depreciation expense for 2024 and 2025 using straight-line method. b. Calculate depreciation expense for 2024 and 2025 using double-declining-balance method. c. Calculate depreciation expense for 2024 and 2025 using units-of-production using hours operated.

Calculate depreciation expense for 2024 and 2025 using double-declining-balance method. On January 1, 2024, Canseco Plumbing Fixtures purchased equipment for $30,000. Residual value at the end of an estimated fouryear service life is expected to be $2,000. The company expects the equipment to operate for 10,000 hours. The equipment operated for 2,200 and 3,000 hours in 2024 and 2025 , respectively. Required: a. Calculate depreciation expense for 2024 and 2025 using straight-line method. b. Calculate depreciation expense for 2024 and 2025 using double-declining-balance method. c. Calculate depreciation expense for 2024 and 2025 using units-of-production using hours operated \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ Select formula for Units of Production Depreciation: } \\ \hline \multicolumn{3}{|c|}{ Calculate 2024 depreciation expense: } \\ \hline Depreciation per hour & $ & 2.80 \\ \hline Operating hours in 2024 & & 2,200 \\ \hline Depreciation in 2024 & $ & 6,160 \\ \hline \multicolumn{3}{|c|}{ Calculate 2025 depreciation expense: } \\ \hline Depreciation per hour & $ & 2.80 \\ \hline Operating hours in 2025 & & 3,000 \\ \hline Depreciation in 2025 & $ & 8,400 \\ \hline \end{tabular}