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Calculate the depreciation expense for first and third years

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Reference no: EM131817515

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

Reference no: EM131817515

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