On October 1, 2021, the Allegheny Corporation purchased equipment for $332,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 550,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service.

1. Straight-line. Straight-Line Depreciation Choose Numerator: Choose Denominator: Annual Depreciation Formula / II Annual Depreciation Amounts / = Year Annual Depreciation x Fraction of Year Depreciation expense 2021 X II 2022