Depreciation by two methods A storage tank acquired at the beginning of the fiscal year at a cost of $108,000 has an estimated residual value of $11,000 and an estimated useful life of 4 years. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet a. Determine the amount of annual depreciation by the straight-line method. Round your answer to the nearest dollar. $ 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. Round your answers to the nearest dollar. Depreciation Year 1 $ Year 2 $ D E B 1 Depreciation by two methods 2 DATA 3 4 Cost $108,000 5 Estimated residual value $11,000 6 Estimated useful life (in years) 7 Using formulas and cell references, perform the required analysis, and input your answers into the Amounts column. Transfer the numeric results for the green entry 8 cells (C11:C13) into the appropriate fields in CNOWV2 for grading. 9 10 Amounts Formulas 11 la. Annual depreciation (Straight-line method) 12 b. Depreciation (DDB method), Year 1 Depreciation (DDB method). Year 2 13