Lockard Company purchased machinery on January 1, 2014, for $80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 4 years. Compute depreciation expense using the sum-of-the-years-digits method. Step 1: Sum the years digits [ Select ] ["10", "12", "4", "15"]

Step 2: Compute Depreciation Expense for each year.

2014 depreciation: [ Select ] ["$21,600", "$14,400", "$28,800", "$7,200"]

2015 depreciation: [ Select ] ["$7,200", "$28,800", "$21,600", "$14,400"]

2016 depreciation: [ Select ] ["$21,600", "$14,400", "$7,200", "$28,800"]

2017 depreciation: [ Select ] ["$7,200", "$14,400", "$21,600", "$28,800"]