A storage tank acquired at the beginning of the fiscal year at a cost of...
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Accounting
A storage tank acquired at the beginning of the fiscal year at a cost of $75,600 has an estimated residual value of $4,500 and an estimated useful life of three years. Determine the amount of depreciation for the first and second years computed by the double-declining balance method. Do not ro8und the double-declining balance rate. If required, round your answers to the nearest dollar.
Year 1:
Year 2:
Please provide a detailed answer.
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