Show Me How tion Equipment acquired at a cost of $105,000 has an estimated residual value of $12,000 and an estimated useful life of 10 years. It was piaced into service on May 1 of the current fiscal year, which ends on December 31 EX 10-0s a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line methad Depreciation 5,425x 9,300 Year 2 10-09 b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method 10-10 Depreciation 12.250 X 18,550 X 10-15 My Work Asset cost minus residual value equals depreciable cost. Book value is the asset cost minus accumulated depreciation. It 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