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Determine the amount of depreciation for the first years

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Reference no: EM132512052

Depreciation Methods: A storage Tank acquired at the beginning of the year at a cost of $75,000 has an estimated residual value of $10,000 and estimated useful life of 20 years.

Determine:

Question (a) the amount of annual depreciation using the straight line method;

Question (b) the amount of depreciation for the First and Second years computed by the Double Declining Balance

Reference no: EM132512052

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