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On October 1, 2024, the Allegheny Corporation purchased equipment for $157,000. The estimated service life...

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Accounting

On October 1, 2024, 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. 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.

3. Units of production (units produced in 2024, 14,000; units produced in 2025, 29,000).

Select formula for Units of Production Depreciation:
Calculate 2024 depreciation expense:
Depreciation per unit rate
Units produced in 2024
Depreciation in 2024
Calculate 2025 depreciation expense:
Depreciation per unit rate
Units produced in 2025
Depreciation in 2025

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