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Pure Life Floral Company purchased a new van for floral deliveries on July 1, 2020. The van cost $40,000 with an estimated life of 5

Pure Life Floral Company purchased a new van for floral deliveries on July 1, 2020. The van cost $40,000 with an estimated life of 5 years and $5,000 residual value at the end of its useful life. The double declining -balance method of depreciation will be used. Pure Life Floral has a December 31st fiscal year.

1) What is the depreciation expense for 2020?

2) What is the depreciation expense for 2021?

3) What is the depreciation expense for 2024?

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