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Exercise $11-1($Algo$)$ Depreciation methods $[$LO$11-2]$

$[$The following information applies to the questions displayed below.$]$

On January $1,2024,$ the Excel Delivery Company purchased a delivery van for $$34,950.$ At the end of its five$-$year service life, it is estimated that the van will be worth $$3,000.$ During the five$-$year period, the company expects to drive the van $106,500$ miles.

Required:

Calculate annual depreciation for the five$-$year life of the van using each of the following methods.

Exercise $11-1($Algo$)$ Part $1$

Straight line.

$\backslash$table$[[$Straight$-$line,$$,6,210,$per year$]]$