A storage tank acquired at the beginning of the fiscal year at a cost of $344,000 has an estimated residual value of $50,000 and an estimated useful life of 16 years.
a. Determine the amount of annual depreciation by the straight-line method.
b. Determine the amount of depreciation for the first and second years computed by the double-declining-balance method.
Depreciation
Year 1 ?$
Year 2 ?$