Partial-Year Depreciation Equipment acquired at a cost of $52,000 has an estimated residual value of $3,000 and an estimated useful life of 10 years. It was placed into service on April 1 of the current fiscal year, which ends on December 31. If necessary, round your answers to the nearest cent.
Required:
a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method.
b. Determine the depreciation for 20Y5 and for 20Y6 by the double-declining-balance method.
Answers: 2
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