A dairy storage tank acquired at the beginning of the fiscal year at a cost of $98,500

Question:

A dairy storage tank acquired at the beginning of the fiscal year at a cost of $98,500 has an estimated residual value of $7,500 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 years computed by the declining-balance method (at twice the straight-line rate).