A storage tank acquired at the beginning of the fiscal year

Reference no: EM13588060

A storage tank acquired at the beginning of the fiscal year at a cost of $86,000 has an estimated residual value of $10,000 and an estimated useful life of eight 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 year computed by the double-declining-balance method.

Reference no: EM13588060

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