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Can someone help me with this problem? I'm at a loss. On October 1, 2024, the Allegheny Corporation purchased equipment for $123,000. The estimated service

Can someone help me with this problem? I'm at a loss.

On October 1, 2024, the Allegheny Corporation purchased equipment for $123,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 220,000 units during its life.

Required: Calculate depreciation for 2024 and 2025 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 1. Straight-line.

image text in transcribed \begin{tabular}{|c|c|c|c|c|c|} \hline & Choose Numerator: & & Choose Denominator: & = & Annual Depreciation \\ \hline Formula & Cost minus Residual & & Estimated Useful Life (years) & = & Annual Depreciation \\ \hline Amounts & & & & = & \\ \hline Year & Annual Depreciation & & Fraction of Year & & Depreciation expense \\ \hline 2024 & & & & = \\ \hline 2025 & & & = & \\ \hline \end{tabular}

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