Providence Corporation purchased machinery on March $24$th$,2022.$ Assume this machinery

was the company$$s only capital asset and that the company uses the half year rule to

calculate depreciation expense. The following information is available.

Cost Estimated useful life Residual value

$$450,00015$ years or $145,000$ hours $$70,000$

The machinery was used for $35,000$ hours in $2022$ and $60,000$ hours in $2023$

Required:

$1.$ Calculate the depreciation for $2022$ under each of the following methods:

a$.$ Usage

b$.$ Straight$-$line

c$.$ Double$-$declining balance

$2.$ Calculate the depreciation for $2023$ under each of the following methods:

a$.$ Usage

b$.$ Straight$-$line

c$.$ Double$-$declining balance

$3.$ If the company used Double$-$declining balance what would be the net book value of the

asset at the end of the year $2023?$