A storage tank acquired at the beginning of the fiscal year at a cost of $344,000 has

Question:

A storage tank acquired at the beginning of the fiscal year at a cost of $344,000 has an estimated residual value of $50,000 and an estimated useful life of 16 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 years computed by the double-declining-balance method. Show the presentation for the storage tank for the first two years by the straight-line method.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...