Required information [The following information applies to the questions displayed below.) On January 1, 2021,...
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Required information [The following information applies to the questions displayed below.) On January 1, 2021, the Allegheny Corporation purchased equipment for $148,000. The estimated service life of the equipment is 10 years and the estimated residual value is $16,000. The equipment is expected to produce 400,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 2. Double-declining balance. Depreciation for the Period Beginning of Annual Period Period Book Depreciation Depreciation Rate(%) Expense Value 2021 $ 148,000 2022 End of Period Accumulated Depreciation Book Value 148,000 148,000 0 $
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