Brief Exercise 9-13 Gordon Chemicals Company acquires a delivery truck at a cost of $36,200 on January 1, 2017. The truck is expected to have a salvage value of $4,700 at the end of its 4-year useful life. Assuming the declining-balance depreciation rate is double the straight-line rate, compute annual depreciation for the first and second years under the declining-balance method.

Annual Depreciation under declining-balance method:

First Year $______

Second Year $______