x Your answer is incorrect. Try again. Gordon Chemicals Company acquires a delivery truck at a cost of $31,000 on January 1, 2017. The truck is expected to have a salvage value of $4,000 at the end of its 4-year useful life. Compute annual depreciation for the first and second years using the straight-line method. (Round answers to decimal places, e.g. 125.) First Year Second Year Annual depreciation under straight line method 15500 7750 Jan. 1 These are selected 2017 transactions for Wyle Corporation: Purchased a copyright for $120,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $54,000. Sept. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization required by the events. (Credit account titles are autor manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and explanation Debit Credit Dec. 31 (To record amortization of Copyrights) Dec. 31 (To record amortization of Patents) Dec. 31 LE (To record amortization of Goodwill)