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 Correct Answer Your answer is correct. Compute the amount of depreciation for each of Years 1 through 3 using the straight-line depreciation method. (Round answers to O decimal places, e.g. 5,125.) Depreciation for Year 1 $ 43225 Depreciation for Year 2 $ 43225 Depreciation for Year 3 $ 43225 eTextbook and Media Solution Attempts: 3 of 3 used (b) Compute the amount of depreciation for each of Years 1 through 3 using the sum-of-the-years'-digits method. Depreciation for Year 1 $ Depreciation for Year 2 $ $ Depreciation for Year 3 $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit