FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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A storage tank acquired at the beginning of the fiscal year at a cost of $61,000 has an estimated residual value of $9,000 and an estimated useful life of 20 years. Determine the following:
(a) the amount of annual
(b) the amount of depreciation for the first and second years computed by the double-declining-balance method.
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