On January 1, a company purchased store equipment for $37,000. The company estimates that at the end of its 10-year service life, the equipment will be worth $4,000. During the 10-year period, the company expects to use the equipment for a total of 11,000 hours. The company used the equipment for 1,800 hours the first year. Required: Calculate depreciation expense of the equipment for the first year, using each of the following methods. (Do not round your intermediate calculations.) 1. Straight-line. 2. Double-declining-balance. 3. Activity-based. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate depreciation expense of the equipment for the first year, using straight-line method. (Do not round your intermediate calculations.) Depreciation expense

On January 1, a comparry purchased store equipment for $37,000. The company estimates that at the end of its 10 -year service life, the equipment will be worth $4,000. During the 10 year period, the compary expects to use the equipment for a totat of 11,000 hours. The company used the equipment for 1,800 hours the first yeat. Required: Calculate depreciation expense of the equipment for the first year, using each of the following methods. (Do not round your intermediote calculotions.) 1. Straight-line: 2. Double declining balance. 3. Activity based. Complete this question by entering your answers in the tabs below. Calculate depreciation expense of the equipment for the first year, using straight-line method. (Do not round your ntermediate calculations.)