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Determine the depreciation for the current fiscal year

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Reference no: EM133067479

Question - Partial-Year Depreciation - Equipment acquired at a cost of $62,000 has an estimated residual value of $4,000 and an estimated useful life of 10 years. It was placed in service on April 1 of the current fiscal year, which ends on December 31.

Required -

a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method.

b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method.

Reference no: EM133067479

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