Solution-Calculate the amount of annual depreciation

Calculate the amount of annual depreciation

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Question: Depreciation by two methods

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 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.

Reference no: EM132737976

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Calculate the amount of annual depreciation

Reference no: EM132737976

Reference no: EM132737976

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