Required information [The following information applies to the questions displayed below.) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $35,000. At the end of its five-year service life, it is estimated that the van will be worth $2,000. During the five-year period, the company expects to drive the van 110,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. Straight-line per year