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Depreciation by three methods: partial years Layton Company purchased tool sharpening equipment on October 1...

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Depreciation by three methods: partial years Layton Company purchased tool sharpening equipment on October 1 for $39,960. The equipment was expected to have a useful life of 3 years or 6,480 operating hours, and a residual value of $1,080. The equipment was used for 1,200 hours during Year 1,2,300 hours in Year 2,1,900 hours in Year 3, and 1,080 hours in Year 4. Required: Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2, Year 3, and Year 4, by (a) the straloht fine metfoc, (b) the units-of-activity method, and (c) the double-decilining-balance mothod. Note: FOR DECLINING BALANCE ONLY, round the multiplier to four decimal places. Then round the answer for each year to the nearest whole dollar. a. Straight-line method Units-of-activity method Feeopsek Cheok My Work Asset cost minus residual value equals depreciable cost. Sum the vearly depreciation to determine cotal depreciation. Annual units-of-output depreciation allocates the cost of the asset equally over the hours operated (hours). The double-declining rate is two times the straight line rate. Book value is the asset cost minus accumulated depreciation

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