A new van cost $25,000 has an estimated useful life of five years and an estimated salvage value of $5,000 at the end of that time. It is expected that the van will be driven 100,000 miles during its useful or service life. The Nation Express Company purchases this van on April 1, 2014. (Show All Your Work)
Required: Calculate the depreciation expense for 2014 and 2015 using:
A) Straight- Line
B) Double-Declining-Balance