Reynolds, Elliott & French (REF), purchased a new drill press to use in the production of picture frames. The drill press was purchased on January 1, 2004 and cost $800,000. The company estimated that the machine would have a residual value of $200,000 at the end of its useful life of eight years. The following schedule indicates the number of picture frames expected to be produced each year of the machine's life (assume that actual production in each year was equal to the estimated production). Which depreciation method would have resulted in REF recording the most amount of depreciation in 2006? a. Straight-line method b. Activity-based method c. Double-declining balance method Assuming that the company applied the double-declining balance method, how much depreciation expense was recorded on the drill press in 2005