On January 1, 2021, Hobart Mfg. Co. purchased a drill press at a cost of $680,000. The drill press is expected to last 6 years and has a residual value of $80,000. During its 6-year life, the equipment is expected to produce 300,000 units of product. Units actually produced over the 6-year useful life is as follows:

2021 65,000 units

2022 60,000 units

2023 52,000 units

2024 47,000 units

2025 40,000 units

2026 38,000 units

Required:

Compute depreciation for 2021 - 2026 and complete a depreciation schedule using each of the following methods:

1) Straight Line

2) Sum of the years-digits

3) Double Declining Balance

4) Units of Production

5) Assume Hobart used the Double Declining Balance method and sold the equipment on December 31, 2023, Year 3, for $250,000 cash. Compute the gain or loss on disposal and prepare the journal entry to record the sale.

*** Round double declining rate to 4 decimal points

*** Round all numbers in the deprecation schedules to the nearest whole dollar