A storage tank acquired at the beginning of the fiscal year at a cost of...
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Accounting
A storage tank acquired at the beginning of the fiscal year at a cost of $133,200 has an estimated residual value of $7,500 and an estimated useful life of 15 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 $
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