A Manufacturing Company purchased a machine for $1,060,000 at the b...

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A Manufacturing Company purchased a machine for $1,060,000 at the beginning of 2014. The machine has an estimated useful life of five years and an estimated residual value of $270,000. The machine, which is expected to last 20,000 hours, was operated 6,000 hours in 2014, 3,000 hours in 2015, and 2,000 hours in 2016.

REQUIRED:

1. Compute the annual depreciation for 2014, 2015, and 2016 under the following depreciation methods. PLEASE SHOW AND LABEL ALL OF YOUR WORK SO ROUNDING CAN BE CONSIDERED IN THE GRADING.

(a) Straight-Line
(b) Units of Production/Service
(c) Double-Declining Balance

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