a. Depreciation under Straight line method = (Cost - Residual value) / Estimated useful life
= ($126,000 - $7,500) / 25
= $4,740
b. Depreciation under Double declining balance method = (Cost - Accumulated depreciation) / Useful life * 2
Year 1 = ($126,000 - $0) / 25 * 2
= $10,080
Year 2 = ($126,000 - $10,080) / 25 * 2
= $9,274
Deprediation by Two Methods A storage tank acquired at the beginning of the fiscal year at...
Depreciation by Two Methods A storage tank acquired at the beginning of the fiscal year at a cost of $90,000 has an estimated residual value of $5,600 and an estimated useful life of four years a. Determine the amount of annual depreciation by the straight-line method. b. Determine the amount of depreciation for the first and second years computed by the double-declining balance method. Do not round the double-declining balance rate. If required, round your answers to the nearest dollar...
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