Amount of annual depreciation by straight-line method

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Reference no: EM13145310

A storage tank acquired at the beginning of the fiscal year at a cost of $172,000 has an estimated residual value of $20,000 and an estimated useful life of eight 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.

Reference no: EM13145310

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