Brief Exercise 7-32 Depreciation Methods On January 1, 2019, Loeffler Company acquired a machine at a cost of $200,000. Loeffler estimates that it will use the machine for 4 years or 8,000 machine hours. It estimates that after 4 years the machine can be sold for $20,000. Loeffler uses the machine for 2,100 and 1,800 machine hours in 2019 and 2020, respectively. Required: Compute depreciation expense for 2019 and 2020 using the: 1. Straight-line method of depreciation. 2019 2020 Depreciation Expense 80,000 X 80,000 X 2. Double-declining-balance method of depreciation. 2019 2020 Depreciation Expense 168,000 X 84,000 X 3. Units-of-production method of depreciation. Depreciation Expense 2019 $ 68,000 X 2020 80,000 X