E 11-1 Depreciation methods LO11-2 Miles On January 1, 2021, the Excel Delivery Company purchased a delivery van for $33,000. At the end of its five-year service life, it is estimated that the van will be worth $3,000. During the five-year period, the company expects to drive the van 100,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. Round all computations to the nearest dollar 1. Straight line 2. Double-declining balance 3. Units of production using miles driven as a measure of output, and the following actual mileage: Year 2021 22,000 24,000 2023 15,000 2024 20,000 2025 21,000 On January 1, 2021, the Allegheny Corporation purchased equipment for $115,000. The estimated service life of the equipment is 10 years and the estimated residual value is $5,000. The equipment is expected to produce 220,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Round all computations to the nearest dollar 1. Straight line 2. Double-declining balance 2022 E 11-2 Depreciation methods L011-2 3 Toils of motion units noduced in 2021 30 000-units used in 2022 25.000