Question: Depreciation by Two Methods A storage tank acquired at the beginning of the fiscal year at a cost of $111,600 has an estimated The estimated

Depreciation by Two Methods

A storage tank acquired at the beginning of the fiscal year at a cost of $111,600 has an estimated The estimated value of a fixed asset at the end of its useful life.residual value of $6,800 and an estimated useful life of four years.

a. Determine the amount of annual depreciation by the A method of depreciation that provides for equal periodic depreciation expense over the estimated life of a fixed asset.straight-line method.

b. Determine the amount of depreciation for the first and second years computed by the A method of depreciation that provides periodic depreciation expense based on the declining book value of a fixed asset over its estimated life.double-declining-balance method. Do not round the double-declining balance rate. If required, round your answers to the nearest dollar.

Year 1: Year 2:

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