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, Buy More Grocerles purchased store equipment for $20,500. Buy More estimates that at the end of its 10. year service life, the equipment will be worth $2,500. During the 10-year period, the company expects to use the equipment for a total of 12,000 hours. Buy More used the equipment for 1,580 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 710( Algo) Part 1 1. Straight-line. Required information Exercise 7-10 (Algo) Determine depreciation for the first year under three methods (LO7-4) [The following information applies to the questions dispiayed below.] On January 1, Buy More Groceries purchased store equipment for $20,500. Buy More estimates that at the end of its 10year service life, the equipment will be worth $2,500. During the 10-year period, the company expects to use the equipment for a total of 12,000 hours. Buy More used the equipment for 1,580 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 caiculations.) Exercise 7-10 (Algo) Part 2 2. Double-declining-balance 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, Buy More Grocenies purchased store equipment for $20,500. Buy More estimates that at the end of its 10 year service life, the equipment will be worth $2,500. During the 10-year period, the company expects to use the equipment for a total of 12,000 hours. Buy More used the equipment for 1,580 hours the first year. Required: Calculate depreciation expense of the equlpment 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