Cordon Chemicals Campany acquires a delivery truck at a cost of $35,000 on January 1, 2017. The truck is expected to have a salvage value of $2,900 at the end of its 5-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. First Year Second Year 358.4 Annual depreciation under declining-balance method