Question: Duluth Ranch, Incorporated purchased a machine on January 1, 2021. The cost of the machine was $32,000. Its estimated residual value was $10,000 at the

Duluth Ranch, Incorporated purchased a machine on January 1, 2021. The cost of the machine was $32,000. Its estimated residual value was $10,000 at the end of an estimated 5-year life. The company expects to produce a total of 20,000 units. The company produced 1,200 units in 2021 and 1,650 units in 2022. Required: Calculate depreciation expense for 2021 and 2022 using the straight-line method. Calculate the depreciation expense for 2021 and 2022 using the units-of-production method. Calculate depreciation expense for 2021 through 2025 using the double-declining balance method

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