Depreciation Methods On January 1, 2023, Loeffler Company acquired a machine at a cost of $302,000. 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 $14,000. Loeffler uses the machine for 1,700 and 2,000 machine hours in 2023 and 2024, respectively Required: Compute depreciation expense for 2023 and 2024 using the: 1. Straight line method of depreciation Depreciation Expense 2023 2024 2. Double-declining balance method of depreciation Depreciation Expense 2023 2024 3. Units-of-production method of depreciation Depreciation Expense 2023 2024