A storage tank acquired at the beginning of the fiscal year at a cost of $104,400 has an estimated residual value of $6,000 and an estimated useful life of 20 years. a. Determine the amount of annual depreciation by the straight-line method.fill in the blank 1 of 1$ b. Determine the amount of depreciation for the first and second years computed by the double-declining-balance method. Do not round the double-declining balance rate. If required, round your answers to the nearest dollar. Year Depreciation Year 1 fill in the blank 1 of 2$ Year 2 fill in the blank 2 of 2$
A storage tank acquired at the beginning of the fiscal year at a cost of $104,400 has an estimated residual value of $6,000 and an estimated useful life of 20 years. a. Determine the amount of annual depreciation by the straight-line method.fill in the blank 1 of 1$ b. Determine the amount of depreciation for the first and second years computed by the double-declining-balance method. Do not round the double-declining balance rate. If required, round your answers to the nearest dollar. Year Depreciation Year 1 fill in the blank 1 of 2$ Year 2 fill in the blank 2 of 2$
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A storage tank acquired at the beginning of the fiscal year at a cost of $104,400 has an estimated residual value of $6,000 and an estimated useful life of 20 years.
a. Determine the amount of annual
fill in the blank 1 of 1$
b. Determine the amount of depreciation for the first and second years computed by the double-declining-balance method. Do not round the double-declining balance rate. If required, round your answers to the nearest dollar.
| Year | Depreciation |
|---|---|
| Year 1 | fill in the blank 1 of 2$ |
| Year 2 | fill in the blank 2 of 2$ |
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