Togo's Sandwiches acquired equipment on April 1, 2024, for $18,000. The company estimates a residual value of $2,000 and a five year service life. Required: 1. Calculate depreciation expense using the straight-line method for 2024 and 2025 , assuming a December 31 year-end. 2. Determine the financial statement effects of the depreciation in 2024. Complete this question by entering your answers in the tabs below. Calculate depreciation expense using the straight-line method for 2024 and 2025, assuming a December 31 year-end. Togo's Sandwiches acquired equipment on April 1, 2024, for $18,000. The company estimates a residual value of $2,000 and a fiveyear service life. Required: 1. Calculate depreciation expense using the straight-line method for 2024 and 2025 , assuming a December 31 year-end. 2. Determine the financial statement effects of the depreciation in 2024. Complete this question by entering your answers in the tabs below. Determine the financial statement effects of the depreciation in 2024. Note: Amounts to be deducted should be indicated by a minus sign