sheffield company purchases equipment on January 1, year 1, at a cost of $570,000. The asset is expected to have a service life of 12 years and a salvage value of $51,300. Compute the amount of depreciation for each of Years 1 through 3 using the straight-line depreciation method.

Sheffield Company purchases equipment on January 1 , Year 1 , at a cost of $570,000. The asset is expected to have a service life of 12 years and a salvage value of $51,300. (a) Your answer is incorrect. Compute the amount of depreciation for each of Years 1 through 3 using the straight-line depreciation method. (Round answers to 0 decimal places, e.g. 5,125.) Depreciation for Year 1$ Depreciation for Year 2$ Depreciation for Year 3$