Depreciation Methods On January 1, 2023, Loeffler Company acquired a machine at a cost of...
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Accounting
Depreciation Methods
On January 1, 2023, Loeffler Company acquired a machine at a cost of $420,000. Loeffler estimates that it will use the machine for 4 years or 10,000 machine hours. It estimates that after 4 years the machine can be sold for $20,000. Loeffler uses the machine for 2,100 and 2,500 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 | $fill in the blank 1 |
| 2024 | $fill in the blank 2 |
2. Double-declining-balance method of depreciation.
| Depreciation Expense | |
| 2023 | $fill in the blank 3 |
| 2024 | $fill in the blank 4 |
3. Units-of-production method of depreciation.
| Depreciation Expense | |
| 2023 | $fill in the blank 5 |
| 2024 | $fill in the blank 6 |
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