Problem:
A machine which cost $300,000 is acquired on October 1, 2014. Its estimated salvage value is $30,000 and its expected life is 8 years.
Required:
Question: Calculate depreciation expense for 2014 and 2015 by the sum-of-the-years' digit method. Show all figures used and round the final answer to the nearest whole dollar.
Note: Please explain comprehensively and give step by step solution.