Zion Ltd purchased an equipment on 1 January 2020 for $42 000. It was estimated that it would have a useful life of 4 years and operate for 35 000 hours over its life. The asset's residual value is estimated at $5000. Other similar assets are depreciated on a reducing balance method at 35% rate. Which of the following statement is correct for year ending 31 December 2020? If the straight-line method is used, depreciation expense is $9 200. If the reducing balance method is used, depreciation expense is $14 800. If the reducing balance method is used, depreciation expense is $14 800 and if the sum of digits method is used, depreciation expense is also $ 14 800. If the sum of digits method is used, depreciation expense is $14 800