Depreciation by two methods

A storage tank acquired at the beginning of the fiscal year at a cost of $$122,400$ has an estimated residual value of $$14,000$ and an estimated useful life of $25$ years. 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.

Open spreadsheet

a$.$ Determine the amount of annual depreciation by the straight$-$line method. Round your answer to the nearest dollar.

$

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. Round your answers to the nearest dollar.

Depreciation

Year $1$

Year $2$