Gordon Chemicals Company acquires a delivery truck at a cost of $31,000on January 1, 2017. The truck is expected to have a salvage value of $4,000at 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.

What is the Annual depreciation under the declining balance method for the First Year?

What is the Annual depreciation under the declining balance method for the Second Year?