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Sheffield Company purchased Machine #201 on May 1, 2020. The following information relating to Machine #201 was gathered at the end of May. Price $113,900

Sheffield Company purchased Machine #201 on May 1, 2020. The following information relating to Machine #201 was gathered at the end of May.

Price $113,900
Credit terms 2/10, n/30
Freight-in $ 1,072
Preparation and installation costs $ 5,092
Labor costs during regular production operations $14,070

It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Sheffield intends to use the machine for only 8 years, however, after which it expects to be able to sell it for $2,010. The invoice for Machine #201 was paid May 5, 2020. Sheffield uses the calendar year as the basis for the preparation of financial statements.

(a)

Compute the depreciation expense for the years indicated using the following methods.

Depreciation Expense

(1) Straight-line method for 2020

$enter a dollar amount

(2) Sum-of-the-years'-digits method for 2021

$enter a dollar amount

(3) Double-declining-balance method for 2020

$enter a dollar amount

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