Sheridan Company purchased a new machine on October 1, 2022, at a cost of $77,980. The company estimated that the machine has a salvage value of $7,140. The machine is expected to be used for 71,200 working hours during its 7-year life.

Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 0 decimal places, e.g. 5,275.)

Sheridan Company purchased a new machine on October 1, 2022, at a cost of $77,980. The company estimated that the machine has a salvage value of $7,140. The machine is expected to be used for 71,200 working hours during its 7-year life. Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 0 decimal places, e.g. 5,275.) 2022 2023 The depreciation expense under the straight-line method $