[The following information applies to the questions displayed below.] On October 1, 2021, the Allegheny Corporation purchased equipment for $299,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 540,000 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. Answer is complete but not entirely correct. Depreciation for the Period End of Period Annual Period Depreciation Rate (%) Fraction of Year Depreciation Expense Accumulated Depreciation Book Value Beginning of Period Book Value $ 299,000 $ 284,550 X 2021 20% 20% 3/12 12/12 $ $ 14,450 X 54,910 $ $ 14,450 69,360 $ $ 284,550 229,640 2022