1. On July 1, 2011, Hobart Mfg. 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 $6,000. During its 10-year life, the equipment is expected to produce 500,000 units of product. In 2011 and 2012, 25,000 and 84,000 units, respectively, were produced.

1. Compute depreciation for 2011 and 2012 and the book value of the drill press at December 31, 2011 and 2012, assuming the straight-line method is used.
2. Compute depreciation for 2011 and 2012 and the book value of the drill press at December 31, 2011 and 2012, assuming the sum of the year