Question 7 On April 22, 2020, Blossom Enterprises purchased equipment for $129,600. The company expects to use the equipment for 10,500 working hours during its 4-year life and that it will have a residual value of $12,000. Blossom has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 1,500 hours in 2020; 2,500 hours in 2021; 3,500 hours in 2022; 2,200 hours in 2023; and 1,000 hours in 2024. Calculate depreciation expense for the life of the asset under straight-line method. (Round answers to 0 decimal places, e.g. 5,276.) Depreciation Expense 2020 $ 2021 $ 2022 $ 2023 $ 2024 $ Calculate depreciation expense for the life of the asset under double diminishing-balance method. (Round answers to 0 decimal places, e.g. 5,276.) Depreciation Expense 2020 $ 2021 $ 2022 $ 2023 $ Calculate a depreciation expense for the life of the asset under units-of-production method. (Round unit rate to 2 decimal places, e.g. 2.25 and final answers to 0 decimal places, e.g. 5,276.) Depreciation Expense 2020 $ 2021 $ 2022 $ 2023 $ 2024 $ Which method results in the lowest profit over the life of the asset? . Which method results in the least cash used for depreciation over the life of the asset?