Answer Happy

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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 $150,000. The estimated service life of the equipment is 10 years and the estimated residual value is $7,000. The equipment is expected to produce 300,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 1. Straight-line. Formula Amounts 2021 2022 Choose Numerator: Cost minus residual $ $ > Answer is complete but not entirely correct. Straight-Line Depreciation Depreciation Expense 1 ✓ I 14,300 X/ 14,300✔ 14,300 Choose Denominator: Estimated Useful Life (years) = = 10✓ = Annual Depreciation Expense Depreciation Expense $ 1,430