Blake Roofing Company purchased machinery on Oct 1, 2008 for $106,000. The equipment has an estimated useful life of 8 years and an estimated residual value o $10,000. The equipment is expected to be used for 60,000 hours. During 2008, the equipment was used for 5,000 hours and during 2009, the equipment was used for 15,000 hours. Calculate depreciation expense for 2008 and 2009 under each of the following methods.
- Depreciation method: 2008 2009
- Straight-line: 2008 2009
- Double-declining method: 2008 2009
- Units-of-production: 2008 2009