Hinshaw Company purchased a new machine on October 1, 2014, at a cost of $85,120. The company estimated that the machine has a salvage value of $7,490. The machine is expected to be used for 62,110 working hours during its 8-year life.
Compute depreciation using the following methods in the year indicated.
Declining-balance using double the straight-line rate for 2014 and 2015.