Depreciation Methods On January 1, 2023, Loeffler Company acquired a machine at a cost of $508,000. Loeffler estimates that it will use the machine for 4 years or 11,000 machine hours. It estimates that after 4 years the machine can be sold for $24,000. Loeffler uses the machine for 2,300 and 2,800 machine hours in 2023 and 2024 , respectively. Required: Compute depreciation expense for 2023 and 2024 using the: 1. Straight-line method of depreciation. 2. Double-declining-balance method of depreciation. 3. Units-of-production method of depreciation