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Q1 On January 1, 2020, Locke Company, a small machine-tool manufacturer, acquired for $3,750,000 a piece of new industrial equipment. The new equipment had a useful life of 15 years, and the salvage value was estimated to be $750,000 Locke estimates that the new equipment can produce Use the following depreciation methods to calculate the depreciation expense for 2020, 2021, and 2022 (1) Straight-line, (2) Double-declining balance, (3) Sum-of-years-digits. 1 2 3 5 6 7 CO O O 1 Q2 Alladin Company purchased Machine #201 on May 1, 2020. The following information relating to Machine 2 #201 was gathered at the end of May. 3 4 5 Price Freight-in costs Prep and installation costs Labor costs during regular production operations $1,686,000 $78,000 $18,200 $214,100 6 7 8 9 Alladin intends to use the machine only 12 years, however, 10 after which it expects to be able to sell it for $27,200 The invoice for Machine #201 was paid 11 May 1, 2020. Alladin uses the calendar year as the basis for the preparation of financial statements. 12 13 Instructions: 14 (1) Compute the depreciation expense for the years indicated using the straight-line method for 2020. (Round to the nearest dollar.) 15 16 17 18 19 20 21 22 23 (2) Compute the depreciation expense for the years indicated using the sum-of-years'-digits method 24 for 2021. (Round to the nearest dollar.) 31 32 33 34 (3) Compute the depreciation expense for the years indicated using the double-declining balance 35 method for 2020 and 2021 (Round to the nearest dollar.) 36 27