Depreciation is used to allocate a plant asset's cost over the accounting period in its useful life.

Textile Co. on January 1, 2017 purchased an asset that cost $264,000 that was expected to be in

service for 4 years and had a salvage value of $29,000. On July 1, 2018, the company paid

$6,250 in cash for normal repairs.

Requirement:

A. Calculate the annual depreciation for the 2018.

B. Calculate the annual depreciation for the 2019

Please show the detailed steps for each problem and each step and each number where come from. I don't know how to solve depreciation problems. Thank you so much!!!