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On January 1, 2018, Seale Equipment purchased a Pump truck for $360,000. At that time the useful life was estimated to be 12 years and the residual value was estimated to be $40,000. On January 1, 2022, Seale revised the estimated remaining useful life of the dump truck to 6 years and the estimated residual value to $28,000. Seale Equipment uses the straight-line method of depreciation for its dump trucks. Required: Calculate the book value of the dump truck at December 31,2020 and the depreciation expense on the truck for the year ending December 31,202i. On January 1, 2018, Seale Equipment purchased a Pump truck for $360,000. At that time the useful life was estimated to be 12 years and the residual value was estimated to be $40,000. On January 1, 2022, Seale revised the estimated remaining useful life of the dump truck to 6 years and the estimated residual value to $28,000. Seale Equipment uses the straight-line method of depreciation for its dump trucks. Required: Calculate the book value of the dump truck at December 31,2020 and the depreciation expense on the truck for the year ending December 31,202i