Partial-YearDepreciation

Sandblasting equipment acquired at a cost of $70,000 has an estimatedresidual valueof $4,000 and an estimated useful life of 5 years. It was placed in service on October 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 thestraight-line method.

DepreciationYear 1$Year 2$b.Determine the depreciation for the current fiscal year and the following fiscal year by thedouble-declining-balance method.

DepreciationYear 1$Year 2$