Partial-Year Depreciation Equipment acquired at a cost of $56,000 has an estimated residual value of $3,000 and an estimated useful life of 10 years. It was placed in service on October 1 of 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. Year 1 Year 2 Depreciation b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Year 1 Year 2 Depreciation