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Duluth Ranch, Incorporated purchased a machine on January 1, 2021. The cost of the machine was $45,500. Its estimated residual value was $14,500 at the
Duluth Ranch, Incorporated purchased a machine on January 1, 2021. The cost of the machine was $45,500. Its estimated residual value was $14,500 at the end of an estimated 5-year life. The company expects to produce a total of 10,000 units. The company produced 1,650 units in 2021 and 2,100 units in 2022. Required:
Calculate depreciation expense for 2021 through 2025 using the double-declining balance method.
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