Partial$-$Year Depreciation

Equipment acquired at a cost of $$80,000$ has an estimated residual value of $$5,000$ and an estimated useful life of $10$ years. It was placed in service on October $1$ of the current fiscal year, which ends on December $31.$

If necessary, round your answers to the nearest cent.

a$.$ Determine the depreciation for the current fiscal year and for the following fiscal year by the straight$-$line method.

Depreciation

Year $1$

Year $2$

b$.$ Determine the depreciation for the current fiscal year and for the following fiscal year by the double$-$decliningbalance method.

Depreciation

Year $1$$

Year $2$$