Straight-Line, Declining-Balance, and Sum-of-the-Years'-Digits Methods

A light truck is purchased on January 1 at a cost of $40,180. It is expected to serve for eight years and have a salvage value of $4,980. 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 Year 3

1.Straight-line $

$

2.Double-declining-balance $

$

3.Sum-of-the-years'-digits $

$