(Answered) Assignment partial-year depreciationsandblasting equipment

Accounting

Assignment: Partial-Year Depreciation

Sandblasting equipment acquired at a cost of $94,000 has an estimated residual value of $6,000 and an estimated useful life of 20 years. It was placed in service on April 1 of the current fiscal year, which ends on December 31.

If necessary, round your answers to the nearest cent.

a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method.

b. Determine the depreciation for the current fiscal year and the following fiscal year by the double-declining-balance method.

Depreciation by Two Methods

A storage tank acquired at the beginning of the fiscal year at a cost of $93,600 has an estimated residual value of $6,000 and an estimated useful life of 20 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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