Exercise 7-50 (Algorithmic) Depreciation Methods Quick-as-Lightning, a delivery service, purchased a new delivery truck for $40,000 on January 1, 2019. The truck is expected to have a useful life of ten years or 150,000 miles and an expected residual value of $3,000. The truck was driven 15,000 miles in 2019 and 13,000 miles in 2020. Required: 1. Compute depreciation expense for 2019 and 2020 using the: a. Straight-line method. Depreciation expense: S per year b. Double-declining-balance method. Depreciation Expense 2019 ) 2020 $ c. Units-of-production method. (Do not round intermediate calculations. If required, round your answers to the nearest whole dollar.) Depreciation Expense 2019 $ 2020 $ 2. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? Round your answers to the nearest dollar. 2019 2020 a. Straight-line method b. Double-declining-balance method C. Units-of-production method 3. Conceptual Connection: If Quick-as-Lightning used an 8 year useful life or 100,000 miles and a residual value of $1,000, what would be: (a) Depreciation expense. (Do not round intermediate calculations. Round your answers to the nearest whole dollar.) a. Straight-line method: $ 2019 2020 b. Double-declining-balance method C. Units-of-production method (b) Book value. Round your answers to the nearest whole dollar. 2019 a. Straight-line method 2020 b. Double-declining-balance method C. Units-of-production method