1. A truck costing $88,000 has an estimated residual value of $22,000, an estimated useful life of 10 years, and is depreciated by the straight-line method. (a) Determine the amount of the annual depreciation, (b) Assuming that at the start of the eighth year the remaining life is estimated to be six years and the residual value is estimated to be $12,000, determine the depreciation expense for each of the remaining six years, (c) explain why depreciation is recalculated in situations like this