Response to the following problem:
Sandblasting equipment acquired at a cost of $54,000 has an estimated residual value of $10,800 and... Description Sandblasting equipment acquired at a cost of $54,000 has an estimated residual value of $10,800 and an estimated useful life of 12 years. It was placed in service on April 1 of the current fiscal year, which ends on December 31.
Determine the depreciation for the current fiscal year and for the following fiscal year by
(a) the straight-line method and
(b) the declining-balance method, at twice the straight-line rate.