Brief exercise 32 (Algorithmic) Depreciation Methods On January 1, 2019, Lother Company acquired a machine at a cost of $508,000. Loeffler estimates that it will use the machine for 4 years or 11,000 machine hours. It estimates that after 4 years the machine can be sold for $24,000. Loeffler uses the machine for 2,300 and 2,800 machine hours in 2019 and 2020, respectively. Required: Compute depreciation expense for 2019 and 2020 using the 1. Straight-line method of depreciation Depreciation Expense 2019 2020 2. Double-declining balance method of depreciation Depreciation Expense 2019 2020 3. Units of production method of depreciation Depreciation Expense 2019 2020