(Answered) Question - depreciation by two methodsa storage tank

Accounting

Question - Depreciation by Two Methods

A storage tank acquired at the beginning of the fiscal year at a cost of $79,200 has an estimated residual value of $5,000 and an estimated useful life of five 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.

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