A truck was purchased on January 2 at a cost of $60,000. It is expected to be used for 5 years and to have a salvage value of $5,000 after 120,000 miles of service. The truck was driven 23,000 miles the first year and 25,000 miles the second year. Calculate the depreciation expense for the 1^st and 2^nd years. $\begin{array}{lrr}&\text { Year } 1&\text { Year } 2\ \text { Straight-line } & \_\_\_\_ &\_\_\_\_\ \text { Declining-balance (double) } &\_\_\_\_&\_\_\_\_ \ \text { Sum-of-the-years-digits' } & \_\_\_\_&\_\_\_\_ \ \text { Units-of-production } &\_\_\_\_&\_\_\_\_ \end{array}$

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The Answer of A truck was purchased on January 2 at a cost of $60,000. It is expected to be used for 5 years and to have a salvage value of $5,000 after 120,000 miles of service. The truck was driven 23,000 miles the first year and 25,000 miles the second year. Calculate the depreciation expense for the 1^st and 2^nd years. $\begin{array}{lrr}&\text { Year } 1&\text { Year } 2\ \text { Straight-line } & \_\_\_\_ &\_\_\_\_\ \text { Declining-balance (double) } &\_\_\_\_&\_\_\_\_ \ \text { Sum-of-the-years-digits' } & \_\_\_\_&\_\_\_\_ \ \text { Units-of-production } &\_\_\_\_&\_\_\_\_ \end{array}$

A Truck Was Purchased on January 2 at a Cost