13:17 Required information (The following Information applies to the questions displayed below] On October 1, 2024,...

Transcribed Image Text:

13:17 Required information (The following Information applies to the questions displayed below] On October 1, 2024, the Allegheny Corporation purchased equipment for $166,000. The estimated service life of the equipment is 10 years and the estimated residual value is $1,000. The equipment is expected to produce 330,000 units) during its life. Required: Calculate depreciation for 2024 and 2025 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. Formula Amount for 2024 Amount for 2025 D Double-Declining-Balance Method Double the Straight-line Rate 20% 20%- Fraction of Year 31/12 12/12 Depreciation Expense 13:17 Required information (The following Information applies to the questions displayed below] On October 1, 2024, the Allegheny Corporation purchased equipment for $166,000. The estimated service life of the equipment is 10 years and the estimated residual value is $1,000. The equipment is expected to produce 330,000 units) during its life. Required: Calculate depreciation for 2024 and 2025 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. Formula Amount for 2024 Amount for 2025 D Double-Declining-Balance Method Double the Straight-line Rate 20% 20%- Fraction of Year 31/12 12/12 Depreciation Expense