Depreciationby Two Methods

A storage tank acquired at the beginning of the fiscal year at a cost of $115,200 has an estimatedresidual valueof $7,500 and an estimated useful life of 25 years.

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

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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.

CengageNOWv2 | Online teaching and learning resource from Cengage Learning - Google Chrome X https://v2.cengagenow.com/ilmn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignment-take&inprogress=false 1. EX.09-03.ALGO Depreciation by Two Methods A storage tank acquired at the beginning of the fiscal year at a cost of $115,200 has an estimated residual value of $7,500 and an estimated useful life of 25 2. EX.09-06 years. 3. EX.09-13 a. Determine the amount of annual depreciation by the straight-line method. 4,308 4. EX.09-07 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 5. EX.09-09.ALGO balance rate. If required, round your answers to the nearest dollar. Depreciation 6. EX.09-10.ALGO Year 1 7. EX.09-12.ALGO Year 2 8. EX.09-18.BLANKSHEET.AL... Feedback 9. EX.09-19.BLANKSHEET.AL... Check My Work Asset cost minus residual value equals depreciable cost. Book value is the asset cost minus accumulated depreciation. 10. EX.09-20.BLANKSHEET.A... Learning Objective 2. 11. PR.09-03.ALGO 12. PR.09-05.BLANKSHEET.A... 13. PR.09-06.BLANKSHEET.A... . Progress: 6/13 items Check My Work Previous Next > Assignment Score: 82.95% Save and Exit Submit Assignment for Grading O Type here to search PS A 11:58 AM 5/12/2019