progressato eltock Show Me How Calculator Print them Straight-Line, Declining Balance, and Sum-of-the-years-Digits Methods A light truck is purchased on January 1 at a cost of $44,000. It is expected to serve for eight years and have a salvage value of $4,000. Calculate the depreciation expense for the first and third years of the truck's lfe using the following methods. Round your answers to the nearest cent. Depreciation Expense Year 1 Year 3 1. Straight-line 5,000 5,000 2. Double-declining balance 11,000 10,000 X 3. Sum-of-the-years-digits Feedback Check My Wor 1. Straight-line method: (Cost - Salvage Value) / Years of Life - Deprecation Expense 2. Double-dedining-balance Method: Depreciation Rate (100%/te x 2) Book Value - Depreciation Ben Double-declining balance is double the rate of the straight-line method. Salvage value is not considered 3. Sum-of-the-years-digits method: (Cost - Salvage Value) X Factor - Depreciation Expense Factor: Remaining life from beginning of year Sum-of-the-years Previous Next Check My Work Save and Submit Anger for Grading All work saved 6:19 PM 6/2000 O SAMSUNG