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Crane Company purchases equipment on January 1, Year 1, at a cost of $274,000. The asset is expected to have a service life of 6

Crane Company purchases equipment on January 1, Year 1, at a cost of $274,000. The asset is expected to have a service life of 6 years and a salvage value of $20,000. Compute the amount of depreciation for each of Years 1 and 2 using the straight-line depreciation method. Depreciation for Year 1 $ Depreciation for Year 2 $ Compute the amount of depreciation for each of Years 1 and 2 using the sum-of-the-years-digits method. Depreciation for Year 1 $ Depreciation for Year 2 $ Compute the amount of depreciation for each of Years 1 and 2 using the double-declining-balance method. (Round answers to 0 decimal places, e.g. 45,892.) Depreciation for Year 1 $ Depreciation for Year 2 $

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