Concord Company purchased a new machine on October 1, 2022, at a cost of $114,800. The company estimated that the machine will have a salvage value of $14,800. The machine is expected to be used for 10,000 working hours during its 4-year life. (c) Your answer is incorrect. Compute the depreciation expense under declining-balance using double the straight-line rate for 2022 and 2023. (Round final answers to O decimal places, e.g. 2,125.) 2022 Depreciation expense $ 6250 A 2023 25000