Required information The following information applies to the questions displayed below) On January 1, Buy More Groceries purchased store equipment for $44,500. Buy More estimates that at the end of its 10 year service life, the equipment will be worth $4,500. 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 1.400 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.) 2. Double-declining balance Deprecation expense