Required information (The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $245,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 440,000 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 1 Choose Denominator: Estimated Useful Life (years) = Choose Numerator: Cost minus Salvage Annual Depreciation = Annual Depreciation 10 = Annual Depreciation Fraction of Year Depreciation expense Year 2021 3/12 = 2022