A storage tank acquired at the beginning of the fiscal year, Ask an Expert

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A storage tank acquired at the beginning of the fiscal year at a cost of $86,000 has an estimated residual value of $10,000 and an estimated useful life of eight years. Determine the following: (a) the amount of annual depreciation by the straight-line method and (b) the amount of depreciation for the first and second year computed by the double-declining-balance method.

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Category:- Accounting Basics
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