The following information relates to Riggs Corp.'s purchase of equipment on 15 June 207 : The equipment was installed and tested during the week of 22 June 20X7. Riggs paid the invoice price on 1 July 207. The equipment was ready for use on 30 June and put into production on 3 July 207. Riggs uses straight-line depreciation for the company's equipment and expects to use the asset for six years. Component parts are not significant and need not be recognized and depreciated separately. The estimated residual value is zero. The company's fiscal year-end is 31 December. Required: 1. What is the book value of the equipment after installation? 2. Compute depreciation expense for 207, using the straight-line method, under each of the following assumptions: (Round your answers to nearest whole dollars.) a. Exact, to the closest month b. Full first-year convention c. Half-year convention 3. Not available in Connect. 4. Calculate depreciation expense for both 207 and 208 under each of the methods in requirement 2 , using declining balance depreciation with a 33% rate. (Round your answers to nearest whole dollars.)