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On March 31, 2018, Foley Trucking purchased a used Kenworth truck at a cost of $44,000. Foley Trucking expects to drive the truck for four years and to have a residual value of $4,000. Compute Foley 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. Straight-line depreciation Book value x [(1/Useful life in miles) x 2) (Months in use / 12 months) I(Cost - Residual value) /Useful life in miles) x Miles driven [(Cost - Residual value) /Useful life in years) x (Months in use / 12 months) (Cost/Useful life in years) (Months in use / 12 months) Help On March 31, 2018, Foley Trucking purchased a used Kenworth truck at a cost of $44,000. Foley Trucking expects to drive the truck for four years and to have a residual value of $4,000. Compute Foley 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. Straight-line depreciation Depreciation expense on the truck for year ended December 31, 2018 is $