P1-7. On April 7, 2018, Rich Corp acquired equipment for $61,000. It also incurred $4,000 for related shipping and installation costs. The equipment has an estimated useful life of 5 years. Salvage value is estimated at $3,000. Rich Corp has a December 31 year end. What is depreciation expense for the year as computed under the following methods? (For methods based on time, take a full month of depreciation for the month placed in service)

1. Sum of years digits for 2018

2.Sum of years digits for 2019