1. Assume a new tractor is purchased on January 1 for $124,000 and given a salvage value of $20,000 and a useful life of 8 years. What would the annual depreciation be for the first two years under each depreciation method? Year 1 Year 2 Straight line Double declining balance 2. For the problem above, what would the tractor's book value be at the end of year 2 under each depreciation method? Straight line Double declining balance 3. Rework the answers to question 1 assuming the purchase date was May 1. Year 1 Year 2 Straight line Double declining balance