A storage tank acquired at the beginning of the fiscal year at a cost of $72,000...
A storage tank acquired at the beginning of the fiscal year at a cost of $72,000 has an estimated residual value of $4,400 and an estimated useful life of 4 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.
Depreciation
Year 1$
Year 2$
Homework Answers
| a | ||
| Cost | 72000 | |
| Less: Residual value | 4400 | |
| Depreciable cost | 67600 | |
| Divide by Estimated useful life | 4 | |
| Annual depreciation | 16900 | |
| b | ||
| Double-declining balance rate | 50% | =1/4*2 |
| Depreciation: | ||
| Year 1 | 36000 | =72000*50% |
| Year 2 | 18000 | =(72000-36000)*50% |
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A storage tank acquired at the beginning of the fiscal year at a
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