Required information [The following information applies to the questions displayed below.] On October 1, 2024, the Allegheny Corporation purchased equipment for $123,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 220,000 units during its life. Required: Calculate depreciation for 2024 and 2025 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 2. Double-declining-balance. Double-Declining-Balance Method Formula Beginning Book Value x Double the Straight-line Rate X Fraction of Year = Depreciation Expense Amount for 2024 $ 123,000 X 20 X 3/12 Amount for 2025 $ 98,400 X 20 X