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1. Riverdale purchased equipment on January 1, 2014 for $60,000. It is estimated that the equipment will have a $5000 residual value at the end of it's 5-year useful life. it is also estimated that the equipment will produce 100,000 units over it's 5-year life. The company has a year end of December 31st.

a. Calculate the amount of amortization expense for 2014 and 2015 using the straight-line method of amortization.

b. If 16,000 units of product are produced in 2014 and 24,000 units are produced in 2015, what is the amortization expense for each year? The company uses the units-of-activity amortization method.

c. If the company uses the double declining-balance method of amortization, what is the amortization expense for 2014 and 2015? Double-declining rate is 40%.