Buckingham Ltd. purchased a delivery truck on January 1, 2021, at a cost of $80,000. The truck is expected to have a residual value of $8,000 at the end of its 4-year useful life. Buckingham has a December 31 year end. Use the diminishing-balance method and assume the depreciation rate is equal to double the straight-line rate.

Calculate the depreciation for each year of the trucks life. (Round answers to 0 decimal places, e.g. 5,275.)

find Depreciation expense for year 2021,2022,2023,2024

Please explain to me by step by step