Depreciation Methods Quick-as-Lightning, a delivery service, purchased a new delivery truck for $40,000 on January 1, 2023. The truck is expected to have a useful life of 10 year or 150,000 miles and an expected residual value of $3,000. The truck was driven 15,000 miles in 2023 and 12,700 miles in 2024. Required: 1. Compute depreciation expense for 2023 and 2024 using the: a. Straight-line method. Depreciation expense: S b. Double-declining-balance method. Depreciation Expense per year