Brief Exercise 7-32 (Algorithmic) Depreciation Methods On January 1, 2019, Loeffler Company acquired a machine at a cost of $454,000. Loeffler estimates that it will use the machine for 4 years or 12,000 machine hours. It estimates that after 4 years the machine can be sold for $22,000. Loeffler uses the machine for 2,500 and 3,000 machine hours in 2019 and 2020, respectively. Required: Compute depreciation expense for 2019 and 2020 using the: 1. Straight-line method of depreciation. Depreciation Expense 2019 2020 2. Double-declining-balance method of depreciation. Depreciation Expense 2019 2020 3. Units-of-production method of depreciation. Depreciation Expense 2019