Depreciation Methods

On January $1,2023,$ Loeffler Company acquired a machine at a cost of $$151,000.$ Loeffler estimates that it will use the machine for $4$ years or $9,000$ machine hours. It estimates that after $4$ years the machine can be sold for $$7,000.$ Loeffler uses the machine for $1,900$ and $2,300$ machine hours in $2023$ and $2024,$ respectively.

Required:

Compute depreciation expense for $2023$ and $2024$ using the:

$1.$ Straight$-$line method of depreciation.

Depreciation Expense

$2023$

$2024$

$2.$ Double$-$declining$-$balance method of depreciation.

Depreciation Expense

$2023$

$2024$

$3.$ Units$-$of$-$production method of depreciation.

Depreciation Expense

$2023$

$2024$