Pharoah Ltd. purchased a delivery truck on January 1, 2021, at a cost of $80,160. The truck is expected to have a residual value of $7,680 at the end of its 4-year useful life. Pharoah has a December 31 year end. Use the diminishing-balance method and assume the depreciation rate is equal to double the straight-line rate. (a) Your answer is correct. Calculate the depreciation for each year of the truck's life. (Round answers to O decimal places, e.g. 5,275.) Depreciation expense 2021 $ 40080 2022 $ 20040 2023 $ 10020 2024 $ 2340 (b) Calculate the depreciation in total over the truck's life. Total depreciation expense I eTextbook and Media Save for Later Attempts: 0 of 3 used Submit