Equipment acquired at a cost of $63,000 has an estimated residual value of $4,000 and an estimated useful life of 10 years. It was placed in service on May 1 of the current fiscal year, which ends on December 31.

a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Round your answers to the nearest dollar. Depreciation Year 1 $ 1,475 X Year 2 $ 5,900 b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Do not round the double-declining balance rate. Round your answers to the nearest dollar. Depreciation Year 1 $ 3,150 X Year 2 $ 11,970 X