Depreciation Methods On January 1, 2023, Loeffler Company acquired a machine at a cost of $277,000. 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 $13,000. 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.

Depreciation Expense 2023 2024

2. Double-declining-balance method of depreciation. D

Depreciation Expense 2023 2024

3. Units-of-production method of depreciation.

Depreciation Expense 2023 2024