Depreciation: Straight-Line and Double Declining Balance A piece of heavy equipment acquired on January 1 at a cost of $108,000 has an estimated useful life of 25 years. Assuming that it will have no residual value. a. Determine the depreciation for each of the first 2 years ending December 31 by the straight-line method. Round your answer to the nearest cent if rounding is required. Depreciation First year $fill in the blank 1 108,000 Second year $fill in the blank 2 b. Determine the depreciation for each of the first 2 years ending December 31 by the double-declining-balance method. Round your answer to the nearest cent if rounding is required. Depreciation First year $fill in the blank 3 Second year $fill in the blank 4