year end is 2020 and 2021

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) x Your answer is incorrect. Try again. 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 1092500 1966500 x Year-End Book Value 2327500 1453500 X Depreciation Expense for the Year 1092500 874000 Double-Declining Balance Method Equipment $3,420,000 $3,420,000 X Less: Accumulated Depreciation 1368000 820800 Year-End Book Value 2052000 2599200 Depreciation Expense for the Year 1368000 820800 Click if you would like to Show Work for this question: Open Show Work