! Required information (The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $267,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 480,000 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: 1 Choose Denominator: = Annual Depreciation Formula 1 = Annual Depreciation = Amounts Year Annual Depreciation Fraction of Year Depreciation expense 2021 2022 = 2. Double-declining-balance. Double-Declining-Balance Method * Choose Denominator: Choose Numerator: x Fraction of Year = Depreciation Expense = Depreciation Expense Formula X Fraction of Year x % II Amount for 2021 Amount for 2022 % 3. Units of production (units produced in 2021, 24,000; units produced in 2022, 39,000). (Round "Depreciation per unit rate" answers to 2 decimal places.) Select formula for Units of Production Depreciation: Calculate 2021 depreciation expense: Depreciation per unit rate Units produced in 2021 Depreciation in 2021 Calculate 2022 depreciation expense: Depreciation per unit rate Units produced in 2022 Depreciation in 2022