Exercise 11-1 Pronghorn Company purchases equipment on January 1, Year 1, at a cost of $558,110. The asset is expected to have a service life of 12 years and a salvage value of $47,600 Compute the amount of depreciation for Years 1 through 3 using the straight-line depreciation method. (Round answers to o decimal places, e.9. 5,125.) Depreciation for Year 1 Depreciation for Year 2 Depreciation for Year 3 Compute the amount of depreciation for each of Depreciation for Year 1 Depreciation for Year 2 s Depreciation for Year 3 Compute the amount of depreciation for each of Years 1 through 3 using the double-declining-balance method. Years 1 through 3 using the sum-of-the-years-digits s (Round depreciation rate to 2 decimal places, e.g 15.84%. Round answers to 0 decimal places, e.g. 4S,892.) Depreciation for Year 1 Depreciation for Year 2 s Depreciation for Year 3 s Question Attempts: O of 10 used