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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 $118,800 has an estimated residual value of $7,000 and an estimated useful life of 10 years.
a. Determine the amount of annual depreciation by the straight-line method.
fill in the blank 1 of 1$
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.
Year Depreciation
Year 1 fill in the blank 1
Year 2 fill in the blank 2

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