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 $267,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 480,000 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: 1 Choose Denominator: Annual Depreciation Annual Depreciation Formula 1 = Amounts Year 2021 Annual Depreciation Fraction of Year Depreciation expense = 2022 X