Sandblasting equipment acquired at a cost of$78,000 had an estimated residual value of 5,000 and estimated useful Life of 5 years. It was placed in service on October 1 of the current fiscal year, which ends on December 31.
a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method.
b. Determine the depreciation forthe current fiscal year by the double-declining-Balance method.