Testbank Problem 134 (Part Level Submission) On July 1, 2020, Bridgeport Company purchased for $3,420,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $142,500. Depreciation is taken for the portion of the year the asset is used. (a) Your answer is correct. Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method. 2. double-declining balance method. 2020 2021 Sum-of-the-Years'-Digits Method Equipment $3,420,000 $3,420,000 Less: Accumulated Depreciation 546250 1529500 Year-End Book Value 2873750 1890500 Depreciation Expense for the Year 546250 983250 Less: Accumulated Depreciation 546250 1529500