Novak Company purchases equipment on January 1 , Year 1 , at a cost of $618,000. The asset is expected to have a service life of 12 years and a salvage value of $55,620. (a) Your answer is correct. Compute the amount of depreciation for each of Years 1 through 3 using the straight-line depreciation method. (Round answers to O decimal places, eg. 5,125. Depreciation for Year 1$ Depreciation for Year 2 \$ Depreciation for Year 3 Your answer is incorrect. 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$