Pump Fitness Corp. purchased machinery for $260,000 on July 1, 2022. It is estimated that it will have a useful life of 10 years, residual value of $40,000, production of 110,000 units, and working hours of 44,000. During 2023, Pump Fitness Corp. uses the machinery for 6,000 hours, and the machinery produces 14,500 units.

Required

From the information given, calculate the depreciation charge for 2023 under each of the following methods.

1. Straight-line
2. Units of production. Round the units of production charge to the nearest cent.
3. Working hours. Round the per-hour charge to the nearest cent
4. Sum-of-the-years'-digits.
5. Declining balance (use 20% as the annual rate).

Answer for questions 4 and 5 only