Question 26 On July 1, 2020, Blue Spruce Company purchased for $6,660,000 show-making equipment having an estimated that life of 5 years with an estimated salvage value $277,500. Depreciation is taken for the portion of the year the asset is used (a) Complete the form below by determining the depreciation expense and year and book values for 2020 and 2021 using the 1. sum-of-the-years-digits method 2. double-declining balance method 2020 2021 $6,660,000 Sum of the Years'-Digits Method Equipment Less: Accumulated Depreciation $6,660,000 Year End Book Value Depreciation Expense for the Year Double-Declining Balance Method Equipment Less: Accumulated Depreciation $6.560,000 56,660,000 Year-End Book Value Depreciation Expense for the Year