Depreciation by two methods A storage tank acquired at the beginning of the fiscal year at a cost of $144,000 has an estimated residual value of $8,000 and an estimated useful life of 20 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. Feedbeck Straight-line depreciation allocates the depreciable cost of the asset equally over the period of use. The double-declining-balance rate is two times the stralght- Tcoeck mow won line rate. Book value is the asset cost minus accumulated depreciation. In the first year, the balance in the accumulated depreciation account is zero