On October 1, 2021, the Allegheny Corporation purchased equipment for $157,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 350,000 units during its life.
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.
1. straight line
Straight-Line Depreciation
Choose numerator: / Choose Denominator: = Annual Depreciation
/ = Annual Depreciation
/ =
Year Annual Depreciation x Fraction of Year Depreciation expense
2021 x =
2022 x =
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