Required information [The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $224,000. The estimated service life of the equipment is 10 years and the estimated residual value is $4,000. The equipment is expected to produce 400,000 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: Choose Numerator: = Annual Depreciation = Annual Depreciation Annual Depreciation Fraction of Year Depreciation expense Year 2021 2022 Required information [The following information applies to the questions displayed below.] On October 1, 2021, the Allegheny Corporation purchased equipment for $224,000. The estimated service life of the equipment is 10 years and the estimated residual value is $4,000. The equipment is expected to produce 400,000 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. 2. Double-declining balance. Depreciation for the Period End of Period Depreciation Rate (%) Fraction of Year Depreciation Expense Accumulated Depreciation Book Value Beginning of Annual Period Period Book Value 2021 2022 Required information [The following information applies to the questions displayed below.] On October 1, 2021, the Allegheny Corporation purchased equipment for $224,000. The estimated service life of the equipment is 10 years and the estimated residual value is $4,000. The equipment is expected to produce 400,000 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. 3. Units of production (units produced in 2021, 20,000; units produced in 2022, 35,000). (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