Required information Exercise 7-10 (Algo) Determine depreciation for the first year under three methods (LO7-4) [The following information applies to the questions displayed below.] On January 1, Save More Groceries purchased store equipment for $43,000. Save More estimates that at the end of its 10 year service life, the equipment will be worth $4,000. During the 10 -year period, the company expects to use the equipment for a total of 13,000 hours. Save More used the equipment for 1,200 hours the first year. Required: Calculate depreciation expense of the equipment for the first year, using each of the following methods. (Do not round your intermediate calculations.) Exercise 7-10 (Algo) Part 3 3. Activity-based. Answer is complete but not entirely correct. Required information Exercise 7-10 (Algo) Determine depreciation for the first year under three methods (LO7-4) [The following information applies to the questions displayed below.] On January 1, Save More Groceries purchased store equipment for $43,000. Save More estimates that at the end of its 10 year service life, the equipment will be worth $4,000. During the 10 -year period, the company expects to use the equipment for a total of 13,000 hours. Save More used the equipment for 1,200 hours the first year. Required: Calculate depreciation expense of the equipment for the first year, using each of the following methods. (Do not round your intermediate calculations.) Exercise 7-10 (Algo) Part 2 2. Double-declining-balance