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Determine the depreciation for the current fiscal year

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Problem - Equipment acquired at a cost of $105,000 has an estimated residual value of $12,000 and an estimated useful life of 10 years. It was placed into service on May 1 of the current fiscal year, which ends on December 31. Determine the depreciation for the current fiscal year and for the following fiscal year by

(a) the straight-line method

(b) the double-declining-balance method.

Reference no: EM132741530

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