Gordon Chemicals Company acquires a delivery truck at a cost of $35,700on January 1, 2017. The truck is expected to have a salvage value of $4,100at the end of its4-year useful life. Assuming the declining-balance depreciation rate is double the straight-line rate, compute annual depreciation for the first and second years under the declining-balance method.

Annual depreciation under declining-balance method:

First Year

Second Year

*please include all calculations for the answers