Partial-year depreciation Equipment acquired at a cost of $74,000 has an estimated residual value of $4,000 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. When required, round your answers to two decimal places. 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-declining- balance method.

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Partial-year depreciation Equipment acquired at a cost of $74,000 has an estimated residual value of $4,000 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 . When required, round your answers to two decimal places. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-decliningbalance method. 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