A storage tank acquired at the beginning of the fiscal year at a cost of $75,600 has an estimatedresidual valueof $4,800 and an estimated useful life of six years.

a.Determine the amount of annual depreciation by thestraight-line method.

$

b.Determine the amount of depreciation for the first and second years computed by thedouble-declining-balance method. Do not round the double-declining balance rate. If required, round your answers to the nearest dollar.

DepreciationYear 1$Year 2$