Compare three depreciation methods
Newbirth Coatings Company purchased waterproofing equipment on January 2, 2009, for $682,000. The equipment was expected to have a useful life of four years, or 6,800 operating hours, and aresidual value of $56,400. The equipment was used for 2,600 hours during 2009, 2,100 hours in 2010, 1,200 hours in 2011, and 900 hours in 2012.
Determine the amount of depreciation expense for the years ended December 31, 2009, 2010, 2011, and 2012, by (a) thestraight line method, (b) theunits of production method, and (c) thedouble declining balance method. Also determine the total depreciation expense for the four years by each method. Do not round your intermediate calculations. Enter all amounts positive numbers.