Equipment acquired at a cost of $105,000 has an estimated residual value of $12,000 and an estimated useful life of 10 years. It was placed into service on May 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.

Depreciation
Year 1$6200

Year 2$9,300

b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method.

Depreciation
Year 1$ ?
Year 2$ ?