Depreciation Practice Problem II ABC Company purchased a delivery truck for $60,000 on January 1, 2020. The residual value of the truck is estimated to be $20,000. The estimated useful life of the truck is 5 years. XYZ uses straight-line depreciation. 5. What is the annual depreciation expense? 6. What would XYZ report for the truck's Book Value at the end of 2020 7. What would XYZ report for the truck's Book Value at the end of 2022 8. XYZ sold the building on 12/31/2023 after the 2023 depreciation expense had been recorded. The selling price was $21,000. What was the gain or loss