A storage tank acquired at the beginning of the fiscal year at a cost of $90,000 has an estimated residual value of $12,000 and an estimated useful life of 25 years. a. Determine the amount of annual depreciation by the straight-line method. $fill in the blank 1 b. Determine the amount of depreciation for the first and second years computed by the double-declining-balance method.

a)  The amount of annual depreciation by straight-line method = Cost of the asset - Salvage Value / Number of years in useful life

= ($90,000 - $12,000) / 25 years

= $78,000 / 25 years

= $3,120

Thus, the amount of depreciation under straight-line method is $3,120.

b)  Depreciation for first year under double declining balance method = Cost of the asset / Number of years in useful life * 2

= $90,000 / 25 years * 2

= $7,200

Thus, the amount of depreciation for the first year under double declining balance method is $7,200.

Depreciation for second year under double declining balance method = Cost of the asset - First year depreciation / number of years in useful life * 2

= $90,000 - $7,200 / 25 years * 2

= $6,624

Thus, the amount of depreciation for the second year under double declining balance method is $6,624.

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number

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