Practice Exercise 11-01 Pharoah Company purchases equipment on January 1, Year 1, at a cost of $255,000. The asset is expected to have a service life of 6 years and a salvage value of $20,000. Compute the amount of depreciation for each of Years 1 and 2 using the straight-line depreciation method. Depreciation for Year 1 Depreciation for Year 2 Compute the amount of depreciation for each of Years 1 and 2 using the sum-of-the-years-digits method. Depreciation for Year 1 Depreciation for Year 2 Compute the amount of depreciation for each of Years 1 and 2 using the double declining balance method (Round answers to decimal places, e. 45.092.50.) Depreciation for Year 1 Depreciation for Year 2