A pressurized spray painter was purchased on April 1 of the fiscal year for $3,900. It has a useful life of 4 years and a residual value of $300.
a. Determine depreciation expense for the first two years, assuming a fiscal year end of December 31 and using the straight-line method.
Year 1 $
Year 2 $
b. Determine depreciation expense for the first two years, assuming a fiscal year end of December 31 and using the double-declining-balance method. Round your answers to two decimal places.
Year 1 $
Year 2 $