This is a review question for our exam. The teacher posted the answers, but not the steps. I am having problems with this problem:
Question: The Vermont Construction Company purchased a hauling truck on January? 1, 2009 at a cost of ?$35000 . The truck has a useful life of eight years with an estimated salvage value of ?$8000 . The? straight-line method is used for book purposes. For tax? purposes, the truck would be depreciated with the MACRS method over its? five-year class life. Determine the annual depreciation amount to be taken over the useful life of the hauling truck for both book and tax purposes. n=6