On September $1,2023,$ Morrow Inc. purchased a spooler at a cost of $$60,000.$ The equipment is expected to last seven $(7)$ years and have a residual value of $$5,000.$ During its seven$-$year life, the equipment is expected to produce $250,000$ units of product. In $2023$ and $2024,42,000$ and $76,000$ units respectively were produced.

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Morrow, Inc. uses the sum$-$of$-$the$-$years'$-$digits method to calculate depreciation on their assets.$$ Parks Co calculates depreciation on their assets based upon months in use. $($Round your answers to the nearest dollar.$)$ SHOW YOUR WORK for possible partial points!

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Required:

$1.$ Compute depreciation for $2023$ and $2024.$

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$2.$ Compute the book value of the machinery at December $31,2023$ and $2024.$

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$3.$ What is the book value of this machinery after it is fully depreciated?

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