Sandblasting equipment acquired at a cost of ($125,000) has an estimated residual value of ($5,000) and an

Question:

Sandblasting equipment acquired at a cost of $$125,000$ has an estimated residual value of $$5,000$ and an estimated useful life of 5 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 declining-balance method, at twice the straight line rate.

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