Depreciation by Two Methods

A storage tank acquired at the beginning of the fiscal year at a cost of $$80,000$ has an estimated residual value of $$5,000$ and an estimated useful life of $10$ years.

a$.$ Determine the amount of annual depreciation by the straightline method.

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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.

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