7. Depreciation to a Salvage Value of 0. For tax purposes an item may be depreciated over a period of several years, n. With the straight-line method of depreciation, each year the item depreciates by...

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Extracted text: 7. Depreciation to a Salvage Value of 0. For tax purposes an item may be depreciated over a period of several years, n. With the straight-line method of depreciation, each year the item depreciates by 1/nth of its original value. With the double-declining-balance method of depre- ciation, each year the item depreciates by 2/nths of its value at the beginning of that year. (In the final year it is depreciated by its value at the beginning of the year.) Write a program that performs the following tasks: (a) Request a description of the item, the year of purchase, the cost of the item, the num- ber of years to be depreciated (estimated life), and the method of depreciation. The method of depreciation should be chosen by clicking on one of two buttons. (b) Display a year-by-year description of the depreciation. See Fig. 6.15. Depreciation to a Salvage Value of 0 Description of item: Year of purchase: Estimated ife of item (years): computer 2008 Cost: 1500 Straight-Line Method Double-Declining-Balance Method Description: computer Year of purchase: 2008 Cost: $1,500.00 Estimated life: 5 Method of depreciation: straight-line Value at beginning of 2008: $1,500.00 Amount of depreciation during 2008: $300.00 Total depreciation at end of 2008: $300.00 Value at beginning of 2009: $1.200.00 Amount of depreciation during 2009: $300.00 Total depreciation at end of 2009: $600.00 Value at beginning of 2010: $900.00 Amount of depreciation during 2010: $300.00 Total depreciation at end of 2010: $900.00 FIGURE 6.15 Sample output of Programming Project 7.