PRACTICE ON DEPRECIATION METHODS On January 2, 2010, KJ Corporation acquired equipment for $260,000. The estimated life of the equipment is 5 years or 40,000 hours. The estimated residual value is $20,000. The equipment worked for 14,000 hrs in the first year, 10,000 hrs in the second year, 9,000 hrs in the third year, 4,000 hrs in the fourth year and 3,000 hrs in the fifth year. Using this information, answer the following. a. Calculate the depreciable cost of the equipment. b. If the asset is depreciated using the straight line method, calculate the depreciation expense at Dec 31, 2010 (the end of the first year) either using the straight line rate of the straight line formula. c. Determine the straight line depreciation expense for the fourth year. d. If the asset is depreciated using the straight line method, determine the book value of the asset at Dec 31 2012 (the end of the third year). e. If the asset is depreciated using the units of production method, calculate the depreciation expense at Dec 31, 2010 (the end of the first year) and at Dec 31, 2011 (the end of the second year). f. If the asset is depreciated using the double declining balance method, calculate the depreciation expense at Dec 31, 2011 (the end of the second year) and at Dec 31, 2012 (the end of the third year). g. If the asset is depreciated using the double declining balance method, determine the book value of the asset at Dec 31, 2013 (the end of the fourth year)