Wildhorse Co. purchased a new machine on October 1, 2022, at a cost of $88,000. The company estimated that the machine has a salvage value of $8,400. The machine is expected to be used for 71,500...

Wildhorse Co. purchased a new machine on October 1, 2022, at a cost of $88,000. The company estimated that the machine has a salvage value of $8,400. The machine is expected to be used for 71,500 working hours during its 8-year life.

Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end.