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Required information

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The Knight Bus Service, known for its magical transportation in the wizarding world, bought a new, enchanted transit van for $$35,100$ on January $1,2024.$ The e$$stimated residual value of the magical van is expected to be $$3,000$ at the end of its five$-$year service life. During these $5$ years, the Knight Bus Service anticipates that the van will travel a total of $107,000$ magical miles.

Required:

Using each of the following methods, determine annual depreciation for the five$-$year life of the van.

Straight line.

Straight$-$line

per year