Skysong Chemicals Company acquires a delivery truck at a cost of $30,200 on January 1, 2022. 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. Annual depreciation under straight-line method First Year $ Second Year

Skysong Chemicals Company acquires a delivery truck at a cost of $30,200 on January 1, 2022. The truck is expected to have a salvago 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