Crane Chemicals Company acquires a delivery truck at a cost of $25,000 on January 1, 2025. The truck is expected to have a salvage 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. Annual depreciation under straight-line method First Year Second Year

Crane Chemicals Company acquires a delivery truck at a cost of $25,000 on January 1,2025 . The truck is expected to have a salvage 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