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Calculate depreciation using each of the two methods

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On January 1, 2021, the Allegheny Corporation purchased equipment for $175,000. The estimated service life of the equipment is 10 years and the estimated residual value is $10,000. The equipment is expected to produce 240,000 units during its life.

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Problem 1: Assume instead the equipment was purchased on October 1, 2021. Calculate depreciation for 2021 and 2022 using each of the two methods. Partial-year depreciation is calculated based on the number of months the asset is in service.

Reference no: EM132752656

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