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Blossom Company purchases equipment an January 1, Year 1 , at a cost of $606,000. The asset is expected to have a service life of

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Blossom Company purchases equipment an January 1, Year 1 , at a cost of $606,000. The asset is expected to have a service life of 12 years and a salvage value of $54,540. (3) Your answer is correct. Compute the amount of depreciation for each of Years 1 through 3 using the straight-line depreciation method. (Round answers to O decimal places, es.5.125.) Depreciation for Year 1 Depreciation for Year 2 Depreciation for Year 3 \& Compute the amount of depreciation for each of Years 1 through 3 using the sum-of-the-years-digits method. Depreciation for Year 1 Depreciation for Year 2 Depreciation for Year 3

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