Corales Company acquires a delivery truck at a cost of $50,000. The truck is expected to have a salvage value of $4,000 at the end of its 8-year useful life. Compute annual depreciation expense for the first and second years using the straight-line method. Year 1 Year 2 Annual depreciation expense Gunkelson Company sells equipment on September 30, 2017, for $16,300 cash. The equipment originally cost $74,600 and as of January 1, 2017, had accumulated depreciation of $41,800. Depreciation for the first 9 months of 2017 is $4,950. Prepare the journal entries to (a) update depreciation to September 30, 2017, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit (a) (6) On January 1, a machine with a useful life of five years and a residual value of $29800 was purchased for $91000. What is the depreciation expense for year 2 under the double declining balance method of depreciation? $21840 $17680 $36400 A factory machine was purchased for $392000 on January 1, 2018. It was estimated that it would have a $74000 salvage value at the end of its 5-year useful life. It was also estimated that the machine would be run 43000 hours in the 5 years. The company ran the machine for 4300 actual hours in 2018. If the company uses the units-of-activity method of depreciation, the amount of depreciation expense for 2018 would be $74000. $31800 $63600. $39200