Tasty Subs acquired a food$-$service truck on October $1,2024,$ for $$120,000.$ The company estimates a residual value of $$40,000$ and a four$-$year service life.

Required:

Calculate depreciation expense using the straight$-$line method for $2024$ and $2025,$ assuming a December $31$ year$-$end.

Determine the financial statement effects of the depreciation in $2024.$