[The following information applies to the questions displayed below.] On January 1, 2024, the Allegheny Corporation purchased equipment for $150,000. The estimated service life of the equipment is 10 years and the estimated residual value is $18,000. The equipment is expected to produce 240,000 units during its life. Required: Calculate depreciation for 2024 and 2025 using each of the following methods. Exercise 11-2 (Algo) Part 3 Units of production (units produced in 2024, 50,000; units produced in 2025, 45,000). Note: Round "Depreciation per unit rate" answers to 2 decimal places. 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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Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.