Question: Eddie M. Iron Company purchased equipment on January 1, 2019 at a cost of $800,000. the equipment is expected to have a service life of 10 years, or 40,000 hours, and a residual value of $70,000. During 2019, the equipment was operated for 5,000 hours and during 2020 it was operated for 7,000 hours. requirement 1: Calculate depreciation expense (to the nearest whole dollar) for this machine in 2019 and 2020 under each of the following depreciation methods. Straight line method, activity method, double declining balance method. Requirement: What is the book value of the asset under each depreciation method at the end of 2020?