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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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