Ivanhoe Company purchased a new machine on October 1, 2022, at a cost of $76,100. The company estimated that the machine has a salvage value of $6,060. The machine is expected to be used for 68,000 working hours during its 10-year life. Compute depreciation using the following methods in the year indicated. (a) X Your answer is incorrect. Declining-balance using double the straight-line rate for 2022 and 2023. 2022 2023 Depreciation using the Declining-balance method $ 1751 $ $ 7004