Problem 1 (31.5 points) New Style Corporation is a company that manufactures and sells chairs. On 1/1/20, the company purchases a piece of manufacturing equipment for $3,100,000 cash. The expected residual value is $200,000 and the useful life is 5 years. The company expects to produce 5,000,000 chairs with the equipment - 1,200,000 chairs in 2020; 1,400,000 chairs in 2021; 1,000,000 chairs in 2022; and 600,000 chairs 2023; and 800,000 chairs in 2024. SHOW YOUR WORK! Round per unit to the nearest cent. Assume that New Style Corporation uses the Straight-Line method of depreciation. 2020 2021 2022 2023 2024 Depreciation Expense for the year Accumulated Depreciation at year-end PPE, Net on year-end Balance Sheet Assume that New Style Corporation uses the Units-of-Activity method of depreciation. 2020 2021 2022 2023 2024 Depreciation Expense for the year Accumulated Depreciation at year-end PPE, Net on year-end Balance Sheet Assume that New Style Corporation uses the Double-Declining-Balance method of depreciation. 2020 2021 2022 2023 2024 Depreciation Expense for the year Accumulated Depreciation at year-end PPE, Net on year-end Balance Sheet