Jacob Manufacturing purchased a new truck on April $1,2005$ for $$30,000.$ The truck is expected to have a residual value of $$2,000$ and its useful life is anticipated to be seven years. The company uses the straight$-$line method of depreciation. Jacob Manufacturing has a December ${31}^{st}$ year$-$end.

Calculate the depreciation expense for the first year $($December $31,2005).$

Prepare the journal entry to record depreciation expense for the first year.

$($Ignore account numbers.$)$

Calculate the depreciation expense for the second year $($December $31,2006).$

Calculate the net book value at December $31,2006.$