Required information [The following information applies to the questions displayed below] On January 1, Buy More Groceries purchased store equipment for $40,000. Buy More estimates that at the end of its 10 year service life, the equipment will be worth $3,000. During the 10-year period, the company expects to use the equipment for a total of 10,000 hours. Buy 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.) 1. Straight-line