Required information Exercise 11-3 (Algo) Depreciation methods partial periods [LO11-2] [The following information applies to the questions displayed below.] On October 1, 2021, the Allegheny Corporation purchased equipment for $233,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 420,000 units during its life. Required: 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. Exercise 11-3 (Algo) Part 1. 1. Straight-line. Straight-Line Depreciation Choose Numerator: Choose Denominator: = Annual Depreciation Formula Annual Depreciation Amounts Year Annual Depreciation X Fraction of Year Depreciation expense 2021 X 2022 X 2. Double-declining-balance. Formula Amount for 2021 Amount for 2022 Double-Declining-Balance Method Choose Numerator: x Choose Denominator: x Fraction of Year Fraction of Year % x % Depreciation Expense Depreciation Expense = 50 3. Units of production (units produced in 2021, 21,000; units produced in 2022, 36,000). (Round "Depreciation per unit rate" answers to 2 decimal places.) Select formula for Units of Production Depreciation: Calculate 2021 depreciation expense Depreciation per unit rate Units produced in 2021 Depreciation in 2021 Calculate 2022 depreciation expense: Depreciation per unit rate Units produced in 2022 Depreciation in 2022