al-year depreciation pment acquired at a cost of $74,000 has an estimated residual value of $4,000 and an estimated useful life of 10 years. It was placed in service on April 1 of the current fiscal year, which ends on December 31. When requ wers to two decimal places. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation r1 $

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Chapter1: Financial Statements And Business Decisions
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Partial-year depreciation
Equipment acquired at a cost of $74,000 has an estimated residual value of $4,000 and an estimated useful life of 10 years. It was placed in service on April 1 of the current fiscal year, which ends on December 31. When required, round your
answers to two decimal places.
a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method.
Year 1 $
Year 2 $
Depreciation
b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method.
Year 1
Year 2
Depreciation
Transcribed Image Text:Partial-year depreciation Equipment acquired at a cost of $74,000 has an estimated residual value of $4,000 and an estimated useful life of 10 years. It was placed in service on April 1 of the current fiscal year, which ends on December 31. When required, round your answers to two decimal places. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Year 1 $ Year 2 $ Depreciation b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Year 1 Year 2 Depreciation
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