On March 31, 2018, Logan Trucking purchased a used Kenworth truck at a cost of $41,000. Logan Trucking expects to drive the truck for five years and to have a residual value of $11,000. Compute Logan Trucking's depreciation expense on the truck for year 1 using the straight-line method. Start by determining the formula needed to calculate straight-line depreciation on the truck through December 31, 2018 (Cost - Residual value) / Useful life in years) x (Months in use / 12 months) Straight-line depreciation Depreciation expense on the truck for year ended December 31, 2018 is $