bought a large truck for $70,000. The truck is expected to last 8 years or 80,000 miles and has an estimated salvage value of $6,000. Show calculations in answering the following questions.

1. Calculate the depreciation expense for each of the first three years in the assets life using the double declining balance method. [Do not round off anything in your formula. Round each years answer (expense) to the nearest dollar.]

2. If the straight line method of depreciation were being used
   1. what would be the annual amount of depreciation expense?

2. what would be the book value of the truck after depreciating it for 4 years?

3. The truck was driven 9,000 miles in Year 1 and 13,000 miles in Year 2. Calculate the depreciation expense for each of those years using the units-of-production method.
4. The truck was purchased on January 1, 2016, and then sold on June 30, 2020 for $35,000.

Using the straight-line method, calculate: (1) The book value at the time of sale, and (2) the gain or loss on the sale