Use the following to answer the question(s) below:

On October 1, 2021, Hobart. Co. purchased a drill press at a cost of $36,000. The drill press is expected to last 10 years and has a residual value of $6,000. During its 10-year life, the equipment is expected to produce 500,000 units of product. In 2021 and 2022, 25,000 and 84,000 units, respectively, were produced.

Required: SHOW ALL COMPUTATIONS

1. Compute depreciation expense for 2021 and 2022, assuming the straight-line method is used.
2. Compute depreciation expense for 2021 and 2022, assuming the double-declining-balance method is used.