Pharoah Company purchased a new machine on October 1, 2022, at a cost of $89,200. The company estimated that the machine has a salvage value of $8,880. The machine is expected to be used for 72,500 working hours during its 8-year life. Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, e.g. 5,275.25.) The depreciation expense under the straight-line method $ 2022 LA 2023

Pharoah Company purchased a new machine on October 1,2022 , at a cost of $89,200. The company estimated that the machine has a salvage value of $8,880. The machine is expected to be used for 72,500 working hours during its 8 -year life. Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, es. 5,275.25.)