Depreciation Methods

On January 1, 2023, Loeffler Company acquired a machine at a cost of $554,000. Loeffler estimates that it will use the machine for 4 years or 12,000 machine hours. It estimates that after 4 years the machine can be sold for $26,000. Loeffler uses the machine for 2,500 and 3,000 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 $