Brief Exercise 7-8 Calculate depreciation (LO7-4) Hawaiian Specialty Foods purchased equipment for $25,000. Residual value at the end of an estimated...

Brief Exercise 7-8 Calculate depreciation (LO7-4)Hawaiian Specialty Foods purchased equipment for $25,000. Residual value at the end of an estimated four-year service life is expected to be $2,500. The machine operated for 2,600 hours in the first year, and the company expects the machine to operate for a total of 15,000 hours. Calculate depreciation expense for the first year using each of the following depreciation methods: (1) straight-line, (2) double-declining-balance, and (3) activity-based. (Do not round your intermediate calculations.)