Required information Skip to question [The following information applies to the questions displayed below.] On October 1, 2021, the Allegheny Corporation purchased equipment for $299,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 540,000 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.

Required information [The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $299,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 540,000 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 Annual Depreciation Formula 1 Amounts Year 2021 Annual Depreciation Fraction of Year Depreciation expense 2022 X