Solve the following problems by providing what is asked for each one.

Problem 2

Michigan Company acquired a machine on January 1, 2021 that cost $2,700 and had an estimated residual value of $200. Complete the following schedule using the three methods of depreciation: A.) straight-line, B.) units-of-production, C.) double declining-balance.

Method Estimated Useful Life Depreciation Expense for 2022 Accumulated Depreciation 12/31/2022

A. Straight Line 5 years

B. Units of Production 10,000 units (total)

1,000 units (20X1's actual)

1,200 units (20X2's actual)

C. Declining Balance 5 years