Sheridan Company purchased a new plant asset on April 1, 2020, at a cost of $732,000. It was estimated to have a service life of 20 years and a salvage value of $60,000. Sheridan accounting period is the calendar year.

(a)

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Your answer is correct.

Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method. (Round answers to 0 decimal places, e.g. 45,892.)

Depreciation for 2020	48000	$enter a dollar amount
Depreciation for 2021	61600	$enter a dollar amount

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(b)

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Your answer is incorrect.

Compute the depreciation for this asset for 2020 and 2021 using the double-declining-balance method. (Round answers to 0 decimal places, e.g. 45,892.)

Depreciation for 2020		$enter a dollar amount
Depreciation for 2021		$enter a dollar amount