Maximus Dog Company purchased a new supply van on January 1, 2011, for $35,000. The van is estimated to last for five years and will then be sold, at which time it should be worth approximately $5,000. The company uses straight-line depreciation and has a fiscal year end of December 31. Requirements 1. How much depreciation expense will be shown on the income statement for the year ended December 31, 2011? 2. What is the book value (also called carrying value) of the truck on the balance sheet for each of the five years beginning with December 31, 2011? Requirement 1. How much depreciation expense will be shown on the income statement for the year ended December 31, 2011? Select the formula to calculate depreciation expense, then enter the amounts to calculate the depreciation expense for the year ended December 31, 2011. = Depreciation expense years = Requirement 2. What is the book value (also called carrying value) of the truck on the balance sheet for each of the five years beginning with December 31, 2011? Select the formula to determine the book value of an asset. Then enter the amounts and calculate the book value of the truck on the balance sheet for each of the five years beginning with December 31, 2011. J = Book value 2011 2012 2013 2014 2015