Cornerstone Exercise 7-20 (Algorithmic) Declining Balance Depreciation Irons Delivery Inc. purchased a new delivery truck for $40,400 on January 1, 2019. The truck is expected to have a $2,000 residual value at the end of its 5-year useful life. Irons uses the double-declining-balance method of depreciation. Required: Prepare the journal entry to record depreciation expense for 2019 and 2020. 2019 Dec. 31 8,480 x (Record double-declining balance depreciation expense) 2020 Dec. 31 (Record double-declining-balance depreciation expense)