Kingbird Company purchases equipment on January 1 , Year 1 , at a cost of $594,000. The asset is expected to have a service life of 12 years and a salvage value of $53,460. (a) Your answer is correct. Compute the amount of depreciation for each of Years 1 through 3 using the straight-line depreciation method. (Round answers to O decimol places, es. 5,125. Depreciation for Year 1 Depreciation for Year 2 Depreciation for Year 3$ 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