Partial-Year Depreciation Sandblasting equipment acquired at a cost of $70,000 has an estimated residual value of $4,000 and an estimated useful life of 20 years. It was placed in service on April 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.

Year 1 $_______

Year 2 $_______

b. Determine the depreciation for the current fiscal year and the following fiscal year by the double-declining-balance method.

Year 1 $_______

Year 2 $_______