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On April 1, 2023, Ice Drilling Co. purchased a trencher for $130,000. The machine was...

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Accounting

On April 1, 2023, Ice Drilling Co. purchased a trencher for $130,000. The machine was expected to last five years and have a residual value of $13,000. Required: Calculate depreciation expense for 2023 and 2024 to the nearest month, using (a) the straight-line method, and (b) the double-declining-balance method. The company has a December 31 year-end. (Do not round intermediate calculations.)

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