ce360 Partial-year depreciation Equipment acquired at a cost of $87,000 has an estimated residual value of $5,000 and on estimated jseful life of 10 years. It was placed in service on May 1 of the current fiscal year which ends on December 31. This information has been collected in the Microsoft Excel Online file Open the spreadsheet, perform the required analysis, and input your answers in the questions below X Open spreadsheet o. Determine the depreciation for the current fiscal year and for the following focal year by the straight line method. Round your answers to the nearest dolar Depreciation Year 1 5 Year 2 $ b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double dechining balance method. Do not round the double declining balance rate Round your answers to the nearest dollar Depreciation Year 1 5 Year 2 $ Next Check My Work Previous File Home Home Insert Draw Page Layout Formulas Data Review View Help Editing V Arial 10 BE V V v 21 Merge Currenc C13 E B D 1 Partial-year depreciation 2 3 DATA 4 Cost $87,000 5 Estimated residual value $5,000 6 Estimated useful life (in years) 10 7 Placed into service on May 1 8 End on the fiscal year December 31 9 Using formulas and cell references, perform the required analysis, and input your answers into the Amounts column. Transfer the numeric results for the green entry cells (C13C 16) into the appropriate fields in CNOWV2 for grading. 10 11 12 Amounts Formulas 13 a Depreciation (Straight-line method), Year 1 14 Depreciation (Straight-line method), Year 2 15 b: Depreciation (DDB method). Year 1 16 Depreciation (DDB method), Year 2 17 18