Required information Skip to question [The following information applies to the questions displayed below.] On January 1, 2024, the Allegheny Corporation purchased equipment for $150,000. The estimated service life of the equipment is 10 years and the estimated residual value is $7,000. The equipment is expected to produce 300,000 units during its life. Required: Calculate depreciation for 2024 and 2025 using each of the following methods. 1. Straight-line