Grouper Company acquires a delivery truck at a cost of $77,000. The truck is expected to have a salvage value of $7.000 at the end of its 5-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, Year 1 Year 2 Annual depreciation expense On January 1, 2020, the Bridgeport Company ledger shows Equipment $38,000 and Accumulated Depreciation--Equipment $9.400. The depreciation resulted from using the straight-line method with a useful life of 12 years and salvage value of $2,900. On this date, the company concludes that the equipment has a remaining useful life of only 4 years with the same salvage value, Compute the revised annual depreciation, Revised annual depreciation $