Layton Company purchased tool sharpening equipment on October 1, 2014, for $108,000. The equipment was expected to have a useful life of three years, or 12,000 operating hours, and a residual value of $7,200. The equipment was used for 1,350 hours during 2014, 4,200 hours in 2015, 3,650 hours in 2016, and 2,800 hours in 2017.
Instructions Determine the amount of depreciation expense for the years ended December 31, 2014, 2015, 2016, and 2017, by (a) the straight-line method, (b) the units-of-output method, and (c) the double-declining-balance method