Sunland Ltd. purchased a delivery truck on January 1, 2024, at a cost of $74,000. The truck is expected to have a residual value of $7,400 at the end of its 4-year useful life. Sunland has a December 31 year end. Use the diminishing-balance method and assume the depreciation rate is equal to double the straight-line rate. (a) X Your answer is incorrect. Calculate the depreciation for each year of the truck's life.

Sunland Ltd. purchased a delivery truck on January 1, 2024, at a cost of $74,000. The truck is expected to have a residual value of $7,400 at the end of its 4 -year useful life. Sunland has a December 31 year end. Use the diminishing-balance method and assume the depreciation rate is equal to double the straight-line rate. (a) Calculate the depreciation for each year of the truck's life