Depreciation Methods On January 1, 2023, Loeffler Company acquired a machine at a cost of $235,000. 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 $11,000. 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.