Sheridan Chemicals Company acquires a delivery truck at a cost of $30,200 on January 1, 2025.The truck is expected to have a salvage value of $2,800 at the end of its 5-year useful life.

Compute annual depreciation for the first and second years using the straight-line method.

Sheridan Chemicals Company acquires a delivery truck at a cost of $30,200 on January 1,2025 . The truck is expected to have a salvage value of $2,800 at the end of its 5 -year useful life. Compute annual depreciation for the first and second years using the straight-line method