Partial$-$year depreciation

Equipment acquired at a cost of $$110,000$ has an estimated residual value of $$7,000$ and an estimated useful life of $10$ years. It was placed into service on May $1$ of current fiscal year, which ends on December $31.$ This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

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Open spreadsheet

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.

Year $2$

$

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$-$declin balance rate. Round your answers to the nearest dollar:

Depreciation

Year $1$

Year $2$