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On January 1 , 2 0 2 3 , Loeffler Company acquired a machine at a cost of $ 6 0 1 , 0 0

On January 1,2023, Loeffler Company acquired a machine at a cost of $601,000. Loeffler estimates that it will use the machine for 4 years or 11,000 machine hours. It estimates that after 4 years the machine can be sold for $29,000. Loeffler uses the machine for 2,300 and 2,800 machine hours in 2023 and 2024, respectively. Compute depreciation expense for 2023 and 2024 using the: Straight-line method of depreciation, Double-declining-balance method of depreciation, and Units-of-production method of depreciation.

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