Crane Chemicals Company acquires a delivery truck at a cost of $25,000 on January 1, 2022. The truck is expected to have a salvage value of $4,000 at the end of its 3-year useful life. 4 Compute annual depreciation for the first and second years using the straight-line method. Annual depreciation under straight-line method $ First Year LA Second Year

Crane Chemicals Company acquires a delivery truck at a cost of $25,000 on January 1,2022 . The truck is expected to have asalvage value of $4,000 at the end of its 3 -year useful life. Compute annual depreciation for the first and second years using the straight-line method