Required information [The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $157,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 350,000 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. Formula Choose Numerator: / Straight-Line Depreciation Choose Denominator: Annual Depreciation = Annual Depreciation Amounts Year Annual Depreciation x Fraction of Year = 2021 X 2022 x Depreciation expense