Practice 8.8 - On 7/1/X1 Lumber Co. purchased a planer for $25,000. The equipment has an expected life of 8 years or 120,000 board feet and an expected salvage value of $1,000. Calculate depreciation expense each year for the first 4 years using the straight-line, units of activity (production), and the double declining balance methods. Assume that the equipment was used 15,000 board feet in 20X1, 25,000 board ft. in 20X2, 30,000 board ft in 20X3, and 20,000 board feet in 20X4