method of depreciation. Required: Prepare the journal entry to record depreciation expense for 2023 and 2024. If an amount box does not require an entry, leave it blank. 2023 Dec. 31 2024 Dec. 31 sold for $14,000. Loeffler uses the machine for 1,700 and 2,000 machine hours in 2023 and 2024 , respectively. Required: Compute depreciation expense for 2023 and 2024 using the: 1. Straight-line method of depreciation. 2. Double-declining-balance method of depreciation. i 3. Units-of-production method of depreciation