Speedy Delivery Company purchases a delivery van for $28.00 Speedy estimates that at the end of its four-year service life, the van will be worth $4,400 During the four-year period, the company expects to drive the van 122,000 miles Actual miles driven each year were 33,200 miles in year 1 and 36,300 miles in year 2 Required: Calculate annual depreciation for the first two years of the van using each of the following methods. (Do not round your intermediate calculations.) 1. Straight-line Year Annual Depreciation S 6,100 5 6.100 1 2 2. Double-declining balance Year Annual Depreciation 14.400 5 2. Double-declining-balance. Answer is complete but not entirely correct. Year Annual Depreciation $ 14,400 $ 21,600 2 3. Activity-based Answer is complete but not entirely correct. Year Annual Depreciation $ 13,200 X $ 7,260 1 N The following information applies to the questions displayed below) On January 1, 2018, Weaver Corporation purchased a patent for $225,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January 2020, the company incurred legal fees of $45,000 in successfully defending a patent infringement suit. The successful defense did not change the company's estimate of useful life. Weaver Corporation's year end is December 31 References Section Break Exercise 7 16 Record amortization expense (L07.5) Required: 1. Record the purchase in 2018, amortization in 2018, amortization in 2019, legal fees in 2020, and amortization in 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet