A truck with an estimated useful life of four years was acquired on January 1, Year 1 for $24,000. The estimated residual (salvage) value of the truck is $4,000. Compute the depreciation expense for Year 1 and Year 2. Also compute the book value of the truck at the end of Year 2.

Year 1 Year 2 Year 2

Depreciation Depreciation Book Value

Expense Expense

-Straight Line Method _______________ __________ ____________

-Double-Declining Balance

Method _______________ __________ ____________