Ivanhoe Company purchased a new machine on October 1, 2022, at a cost of $77,980. The company estimated that the machine has a salvage value of $6,860. The machine is expected to be used for 72,900 working hours during its 7-year life. Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, e.g. 5,275.25.) The depreciation expense under the straight-line method $ 2022 $ 2023

Ivanhoe Company purchased a new machine on October 1.2022 , at a cost of $77,980. The company estimated that the machine has 0 salvage value of $6,860, The machine is expected to be used for 72,900 working hours during its 7 -year life. Compute the depreciation expense under the straight-line method for 2022 and 2023 , assuming a December 31 year-end. (Round answers to 2 decimal ploces, es 5,275.25