Sunland Chemicals Company acquires a delivery truck at a cost of $35,000 on January 1, 2022. The truck is expected to have a salvage value of $5,000 at the end of its 6-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 tA $ Second Year

Sunland Chemicals Company acquires a delivery truck at a cost of $35,000 on January 1,2022. The truck is expected to have a salvage value of $5,000 at the end of its 6 -year useful life Compute annual depreciation for the first and second years using the straight-line method