A storage tank acquired at the beginning of the fiscal year at a cost of $172,000 has an estimated residual value of $20,000 and an estimated useful life of eight years. Determine the following:
(a) The amount of annual depreciation by the straight-line method and
(b) The amount of depreciation for the first and second years computed by the double-declining-balance method.
This question was answered on: Jul 11, 2017
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