On January 1, 2020, Vega Corp. purchased a truck for $53,000. The truck is expected to have a four-year useful life, with a residual value of $6,000 at the end of year four. Using the double-declining-balance method, depreciation for 2020 and book value at December 31, 2020, would be:

Multiple Choice

• $26,500 and $20,500 respectively.

• $23,500 and $29,500 respectively.

• $23,500 and $23,500 respectively.

• $26,500 and $26,500 respectively.