Required information [The foii'owing information appiies to the questions dispiayeo' beiow} On January 1, 2018, Hobart Mfg. Co. purchased a drill press at a cost of $35,300. The drill press is expected to last 10 years and has a residual value of$6,7'00. During its 10year life, the equipment is expected to produce 500,000 units of product. In 2018 and 2019, 28,500 and 91,000 units, respectively, were produced. Required: Compute depreciation expense for 2018 and 2019 and the net book values of the drill press at December 31, 2018 and 2019, assuming the straight-line method is used. Depreciam $ 2,960 , Book Values :5 33,340 , : Required information [The foiiowing information appiies to the questions dispiayed beiow} On Januaryr 1, 2018, Hobart Mfg. Co. purchased a drill press at a cost of $35,300. The drill press is expected to last 10 years and has a residual value of$6,?00_ During its 10-year life, the equipment is expected to produce 500,000 units of product. In 2018 and 2019, 28,500 and 91,000 units, respectively, were produced. Required: Compute depreciation expense for 2018 and 2019 and the net book values of the drill press at December 31, 2018 and 2019, assuming the double-declining-balance method is used. __ _