Depreciation Methods On January 1, 2023, Loeffler Company acquired a machine at a cost of $276,000. Loeffler estimates that it will use the machine for 4 years or 10,000 machine hours. It estimates that after 4 years the machine can be sold for $13,000. Loeffler uses the machine for 1,900 and 1,500 machine hours in 2023 and 2024, respectively. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. X Open spreadsheet Required: Compute depreciation expense for 2023 and 2024 using the (1) straight-line, (2) double-declining-balance, and (3) units-of-production methods of depreciation. Round your answers to the nearest dollar. 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