A storage tank acquired at the beginning of the fiscal year at a cost of $111,600 has an estimated residual value of $7,000 and an estimated useful life of 10 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 Do not round the double declining balance rate If required, round your answers to the nearest dollar Depreciation Year 1 Year 2 $

Question

A storage tank acquired at the beginning of the fiscal year at a cost of $111,600 has an estimated residual value of $7,000 and an estimated useful life of 10 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  Do not round the double  declining balance rate  If required, round your answers to the nearest dollar  Depreciation Year 1 Year 2 $

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A storage tank acquired at the beginning of the fiscal year at a cost of $111,600 has an estimated residual value of $7,000 and an

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