Partial-Year Depreciation Equipment acquired at a cost $82.000 has an estimated residual value of $5.000 and an estimated useful life of 10 vears. was placed in service on October 1 of the current fiscal year, which ends on December 31 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 5,775 X Year 1 7,700 Year 2 b. Determine the depreciation for the current fiscal year and the following fiscal year by the double-declining-balance method. Depreciation Year 1 Year 2 Feedback Y Check My Work Asset cost minus residual value equals depreciable cost. Book value is the asset cost minus accumulated depreciation. If an asset is used for only part of a year, the depreciation is prorated based on the number of months the asset is in service Learning Objective 2