Partial-year depreciation Equipment acquired at a cost of $85,000 has an estimated residual value of $5,000 and an estimated useful life of 8 years. It was placed in service on May 1 of the 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. X ppen 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. 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. Do not round the double-declining balance rate. Round your answers to the nearest dollar. Depreciation Year 1 $ Year 2 $ C13 E F G A B D 1 Partial-year depreciation 2 3 DATA 4 Cost $85,000 5 Estimated residual value $5,000 6 Estimated useful life (in years) 8 7 Placed into service on May 1 8 End on the fiscal year December 31 9 Using formulas and cell references, perform the required analysis, and input your answers into the Amounts column. Transfer the numeric results for the green entry cells (C13:C16) into the appropriate fields in CNOWV2 for grading. 10 11 12 Amounts Formulas 13 a. Depreciation (Straight-line method), Year 1 14 Depreciation (Straight-line method), Year 2 15 b reciation (DDB method), Year 1 16 Depreciation (DDB method), Year 2 17 18 19 20 21 22 23 24 25 26 27 8 Data +