Chapter 10A storage tank acquired at the beginning of the fiscal year at a cost of $235,000 has an estimatedresidual value of $17,000 and an estimated useful life of 8 years. Determine the following: (a) theamount of annual depreciation by the straight?line method and (b) the amount of depreciation for thefirst, second, and third years computed by the double?declining?balance method.
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