Union Company acquired machinery on January 2, 2014, for $315,000. The machinery’s estimated useful life is 10 years, and the estimated residual value is $15,000. Union estimates that the machine will produce 15,000 units of product and that 20,000 direct labor hours will be utilized over the useful life of the machine. During 2014, Union produced 1,200 units of product and used 2,100 direct labor hours.
Calculate depreciation expense for 2014 under each of the following methods:
1. Straight-line method.
2. Production method (units of output).
3. Use method (units of input—direct labor hours).
4. Sum-of-the-years’ digits method.
5. Double-declining balance method.
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