A company purchased a truck on October 1 of the current year at a cost of $40,000. The truck is expected to last six years and has a residual value of $2,200. The company's annual accounting period ends on December 31.
1. What is the depreciation expense for the current year, assuming the straight-line method is used?
2. What is the depreciation expense for the current year, assuming the double-declining-balance method is used?

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The Answer of A company purchased a truck on October 1 of the current year at a cost of $40,000. The truck is expected to last six years and has a residual value of $2,200. The company's annual accounting period ends on December 31.
1. What is the depreciation expense for the current year, assuming the straight-line method is used?
2. What is the depreciation expense for the current year, assuming the double-declining-balance method is used?

A Company Purchased a Truck on October 1 of the Current