Brief Exercise 7-32 (Algorithmic) Depreciation Methods On January 1, 2019, Loeffler Company acquired a machine at a cost of $416,000. Loeffler estimates that it will use the machine for 4 years or 9,000 machine hours. It estimates that after 4 years the machine can be sold for $20,000. Loeffler uses the machine for 1,900 and 2,300 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