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 $7,070. The machine is expected to be used for 57,980 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 2 decimal ploces, es. 5,275.25.)