Partial year depreciation Equipment acquired at a cost of 71

Last updated: 11/14/2023

Partial year depreciation Equipment acquired at a cost of 71 000 has an estimated residual value of 4 000 and an estimated useful life of 10 years It was placed in service on October 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 Year 1 Depreciation b Determine the depreciation for the current fiscal year and for the following fiscal year by the double declining balance method Year 2 Depreciation