On January 1, 2023, Loeffler Company acquired a machine at a cost of $655,000. Loeffler estimates that it will use the machine for 4 years or 12,000 machine hours. It estimates that after 4 years the machine can be sold for $31,000. Loeffer uses the machine for 2,500 and 3,000 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-baiance method of depreciation. 3. Units-of-production method of depreciation