On July $1,2025,$ Bridgeport Company purchased for $\backslash$$$7,020,000$ snow$-$making equipment having an estimated useful life of $5$ years with an estimated salvage value of $\backslash$$$292,500.$ Depreciation is taken for the portion of the year the asset is used.

$($a$)$

$-$ Your answer is incorrect.

Complete the form below by determining the depreciation expense and year$-$end book values for $2025$ and $2026$ using:

$1.$ Sum$-$of$-$the$-$years'$-$digits method.

$2.$ Double$-$declining balance method.

Sum$-$of$-$the$-$Years'$-$Digits Method

Equipment

$\backslash$$$7,020,000$

$\backslash$$$7,020,000$

Less: Accumulated Depreciation

$\backslash$$

$\backslash$$

$\backslash$$

Year$-$End Book Value

Depreciation Expense for the Year

$\backslash$$

$\backslash$$

Double$-$Declining Balance Method

Equipment

$\backslash$$$7,020,000$

$\backslash$$

Less: Accumulated Depreciation

Year$-$End Book Value

$\backslash$$

$\backslash$$

$\backslash$$$7,020,000$

$\backslash$$

$\backslash$$

Depreciation Expense for the Year

$\backslash$$

$\backslash$$