On July 1, 2020, Bridgeport Company purchased for $ 7,020,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $ 292,500. Depreciation is taken for the portion of the year the asset is used.

On July 1, 2020, Bridgeport Company purchased for $ 7,020,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $ 292,500. Depreciation is taken for the portion of the year the asset is used. Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method. 2. double-declining balance method. 2020 2021 Sum-of-the-Years'-Digits Method Equipment $ 7,020,000 $ 7,020,000 Less: Accumulated Depreciation $ 1121250 $ 2915250 Year-End Book Value 5898750 4104750 Depreciation Expense for the Year 1121250 2915250 Double-Declining Balance Method Equipment $ 7,020,000 $ 7,020,000 Less: Accumulated Depreciation $ 1404000 $ 3650400 Year-End Book Value 5616000 3369600 Depreciation Expense for the Year 1404000 3650400 (b1) Assume the company had used straight-line depreciation during 2020 and 2021. During 2022, the company determined that the equipment would be useful to the company for only one more year beyond 2022. Salvage value is estimated at $ 390,000. Compute the amount of depreciation expense for the 2022 income statement. $ Depreciation expense e Textbook and Media Save for Later Attempts: 0 of 1 used Submit