(Solved): On January 1,2021 , Camino Tires Company purchased a new machine costing \( \$ 2,035,000 \) casn an ...

On January 1,2021 , Camino Tires Company purchased a new machine costing \( \$ 2,035,000 \) casn and estimated to have a \( \$ 150,000 \) salvage value. The machine is expected to produce 700,000 units of product during its 8 -year useful life. Calculate the depreciation expense in the first year under the following independent situations: Required 1: The company uses the units-of-production method and the machine produces 85,000 units of product during its first year. Enter depreciation amount here: Required 2: The company uses the double-declining-balance method. Enter depreciation amount here: Required 3: The company uses the straight-line method. Enter depreciation amount here: