Straight-Line, Declining-Balance, and Sum-of-the-Years'-Digits Methods A light truck is purchased on January 1 at a cost of $31,500. It is expected to serve for eight years and have a salvage value of $5,820. Calculate the depreciation expense for the first and third years of the truck's life using the following methods. If required, round your answers to the nearest cent. Depreciation Expense Year 1 3,210 1. Straight-line 2. Double-declining balance 3. Sum-of-the-years-digits 7,875