Assignment Task: Depreciation by Two Methods
A storage tank acquired at the beginning of the fiscal year at a cost of $80,000 has an estimated residual value of $5,000 and an estimated useful life of 10 years.
1) Determine the amount of annual depreciation by the straight-line method.
2) Determine the amount of depredation for the first and second years computed by the double-declining-balance method. Do not round the double-declining balance rate. If required, round your answers to the nearest dollar.
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