A small delivery truck was purchased on January 1 at a cost of $44,375. It has an estimated useful life of four years and an estimated salvage value of $8,875 and rates shown below: 1. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the Modified Accelerated Cost Recovery System. For tax purposes, assume that the truck has a useful life of five years. (The IRS schedule will spread depreciation over six years.) If required, round your answers to the nearest dollar. If an answer is zero, enter "O" Small Delivery Truck Depreciation Schedule On January 1 Accumulated Depreciation End of Year Book Value End of Year Rate (%)Depreciation Expense Year Cost x 7,100 X 35,500 X 7,100 X 28,400 X 1 20 35,500 X 18,460 X 17,040 X V 32 11,360 X 10,224 X 35,500 X 25,276 X X 19.20 6,816 3 29,366 X 6,134 X 35.500 X X 11.52 4,090 4 33,456 X 2,044 X 35,500 X 11.52 4,090 5 35,500 X 2,045 X X 5.76 35,500 6