Sandblasting equipment acquired at a cost of $64,000 has an estimated residual value of $4,000 and an

Question:

Sandblasting equipment acquired at a cost of $64,000 has an estimated residual value of $4,000 and an estimated useful life of eight years. It was placed in service on April 1 of the current fiscal year, which ends on December 31. Determine the depreciation for the current fiscal year and for the following fiscal year by

(a) The straight-line method and

(b) The double-declining-balance method.