What effect will this have on the Income statement and balance sheet? The yearly depreciation under the 30 years assumption is $. Now calculate the yearly depreciation for years 11 and 12. (Round your answer to the nearest whole dollar.) The yearly depreciation for years 11 and 12 under the new assumption is $ What effect will this have on the Income statement and balance sheet? Depreciation expense is resulting in net income and carrying amount on the balance sheet