On January 1, 2018 Friendly Farm Company purchased a new machine at a cost of $350,000. The machine has an estimated useful life of 4 years or 100,000 hours and residual value of $30,000. The machine will be used 30,000 hours in year 1, 40,000 hours in year 2, 20,000 hours in year 3 and 10,000 hours in year 4.

Requirements:

Prepare a depreciation schedule using each of the three methods: Straight line, Units of Production and Double Declining Balance.