Question: 10. EX.09-10.ALGO (Algorithmic) Depreciation by Two Methods A storage tank acquired at the beginning of the fiscal year at a cost of $126,000 has an

10. EX.09-10.ALGO (Algorithmic) Depreciation by Two Methods A storage tank acquired at the beginning of the fiscal year at a cost of $126,000 has an estimated residual value of $7,600 and an estimated useful life of four years. a. Determine the amount of annual depreciation by the straight-line method. b. Determine the amount of depreciation for the first and second years computed by the double-declining balance method. Do not round the double-declining balance rate. If required, round your answers to the nearest dollar. Depreciation Year 1 $ Year 2 $

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