Exercise 11-25 a-c Culver Enterprises purchased a delivery truck on January 1, 2020, at a cost of $31,000. The truck has a useful life of 7 years with an estimated salvage value of $6,290. The straight-line method is used for book purposes. For tax purposes, the truck, having an MACRS class life of 7 years, is classified as 5-year property; the optional MACRS tax rate tables are used to compute depreciation. In addition, assume that for 2020 and 2021 the company has revenues of $226,000 and operating expenses (excluding depreciation) of $146,900. 15-year (150% DB) 5.00 9.50 20-year (150% DB) 3.750 7.219 8.55 Recovery Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 MACRS Depreciation Rates by Class of Property 3-year 5-year 7-year 10-year (200% DB) (200% DB) (200% DB) (200% DB) 33.33 20.00 14.29 10.00 44.45 32.00 24.29 18.00 14.81* 19.20 17.49 14.40 7.41 11.52* 12.49 11.52 11.52 8.93* 9.22 5.76 8.92 7.37 8.93 6.55* 4.46 6.55 6.56 6.55 3.28 ! 7.70 6.93 .: 6.23 5.90* 5.90 5.91 5.90 5.91 5.90 6.677 6.177 0.11 5.713 5.285 2:20 4.888 1.000 4.522 4.462* 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 2.231 5.91 5.90 5.91 2.95 *Switchover to straight-line depreciation. Compute income before income taxes for 2020 and 2021. 2020 2021 Income before income taxes LINK TO TEXT Compute taxable income for 2020 and 2021. (Round answers to 0 decimal places, e.g. 45,892.) Taxable income for 2020 Taxable income for 2021 $ LINK TO TEXT Determine the total depreciation to be taken over the useful life of the delivery truck for both book and tax purposes. Book purposes $ Tax purposes $ LINK TO TEXT