A light truck is purchased on January 1 at a cost of $27,000. It is expected to serve for eight years and have a salvage value of $3,000. Calculate the depreciation expense for the first and third years of the truck's life using the following methods. If required, round your answers to two decimal places.
Depreciation Expense
Year 1 Year 3
1. Straight-line $ $
2. Double-declining-balance $ $
3. Sum-of-the-years'-digits $ $ .it is expected to serve for eight years and have a salvage value of $3,000. Calculate the depreciation expense for the first and third years of the truck's life using the following methods. If required, round your answers to two decimal places.
Depreciation Expense
Year 1 Year 3
1. Straight-line $ $
2. Double-declining-balance $ $
3. Sum-of-the-years'-digits $ $