Show your typed answers. I need it in 45 minutes please. Do not solve it in excel ! Question 1 (a)

Assume you purchase a new pickup on October 1 2022, for a cost of $75,000. You estimate a useful life on the truck of 5 years, with a salvage value of $10,000.

Calculate depreciation for the first year (from Oct 1 - Dec 31), as well as the book value at the end of the first year, using Double (200%) Declining Balance depreciation.

Next, determine the depreciation for the second year.

Question 1 (b)

Assume you purchase a new pickup on October 1 2022, for a cost of $75,000. You estimate a useful life on the truck of 5 years, with a salvage value of $10,000.

Calculate depreciation for the first year (from Oct 1 - Dec 31), as well as the book value at the end of the first year, using straight line depreciation.

Next, determine the second year's depreciation.