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Determine the amount of annual depreciation

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Reference no: EM132682135

Problem - Depreciation by two methods

A storage tank acquired at the beginning of the fiscal year at a cost of $344,000 has an estimated residual value of $50,000 and an estimated useful life of 16 years.

Required -

(a) Determine the amount of annual depreciation by the straight-line method.

(b) Determine the amount of depreciation for the first and second years computed by the double-declining-balance method.

Reference no: EM132682135

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