Required information

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On January $1,2024,$ the Excel Delivery Company purchased a delivery van for $$33,750.$ 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

$102,500$ miles.

Required:

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

Straight line.

traight$-$line