A dairy storage tank acquired at the beginning of the fiscal year at a cost of ($60,000)
Question:
A dairy storage tank acquired at the beginning of the fiscal year at a cost of
\($60,000\) has an estimated residual value of \($8,000\) and an estimated useful life of 10 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 year computed by the declining-balance method (at twice the straight-line rate),
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