On January 1, Sky Trucking purchased a used Kenworth truck at a cost of $41,000. Sky Trucking expects the truck to remain useful for four years (650,000 miles) and to have a residual value of $2,000. Sky Trucking expects the truck to be driven 130,000 miles the first year and 227,500 miles the second year. Read the requirements. Requirement 1. Compute Sky Trucking's first-year depreciation expense on the truck using (a) Straight-line, (b) Units of production, and (c) Double-declining balance. Start by selecting the formulas needed to compute annual depreciation under each of the three methods. (Cost-Residual value) / Useful life in years Straight-line depreciation [(Cost-Residual value) / Useful life in miles] x Miles driven Units of production depreciation Book value x [(1 7 Useful life in years) x 2] Double-declining balance depreciation a. Compute Sky Trucking's first-year depreciation expense on the truck using the straight-line method. First-year depreciation on the truck using the straight-line method is $ 1. Compute Sky Trucking's first-year depreciation expense on the truck using the following methods: a. Straight-line b. Units of production Double-declining balance c. 2. Show the truck's book value at the end of the first year under the straight-line method