Straight-Line, Declining-Balance, and Sum-of-the-Years'-Digits Methods A light truck is purchased on January 1 at a cost of $38,480. It is expected to serve for eight years and have a salvage value of $5,920. 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 A 2. Double-declining-balance 3. Sum-of-the-years'-digits