Pedroni Oil Company purchased packaging equipment on January 8 for $72,000.The equipment was expected to have a useful life of three years or 18,000 operating hours, and a residual value of $4,500.The equipment was used for 7,600 hours during year 1, 6,000 hours in year 2, and 4,400 hours in year 3.

Determine the amount of depreciation expense for the three years ending December 31,

by the Straight line method,

The units of activity method, and

the double declining balance method.

Finally determine the total amount of depreciation expense for the three ears by each method.