Exercise 9-05 Sheridan Company purchased a new machine on October 1, 2022, at a cost of $66,840. The company estimated that the machine has a salvage value of $6,720. The machine is expected to be used for 70,100 working hours during its 6-year life.Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, e.g. 5,275.25.)     2022   2023 The depreciation expense under the straight-line method   $Enter a dollar amount for year 2022     $Enter a dollar amount for year 2023

Question

Exercise 9-05

Sheridan Company purchased a new machine on October 1, 2022, at a cost of $66,840. The company estimated that the machine has a salvage value of $6,720. The machine is expected to be used for 70,100 working hours during its 6-year life.

Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, e.g. 5,275.25.)

   
2022
 
2023
The depreciation expense under the straight-line method
 
$Enter a dollar amount for year 2022
 
 
$Enter a dollar amount for year 2023
 

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