Rocky bought a towing vehicle at a cost of $120,000. The vehicle has an estimated residual value of $20,000 and an estimated life of 8 years, or 12,000 hours of operation. The vehicle was purchased on January 1, 2022 and was used 2,400 hours in 2022 and 2,200 hours in 2023. What method of depreciation will produce the lowest depreciation expense in 2022? Question 7 options:

Double-declining-balance

All methods produce the same expense in 2022

Straight-line

Units-of-production