(Answered) Depreciation expense for the current year

Economics

Problem: A company purchased a truck on October 1 of the current year at a cost of $40,000. The truck is expected to last six years and has a salvage value of $2,200. The company's annual accounting period ends on December 31. Provide justifications and citations for your responses.

Required:

Question 1: What is the depreciation expense for the current year, assuming the straight-line method is used?

Question 2: What is the depreciation expense for the current year, assuming the double-declining-balance method is used?

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Macroeconomics, Economics

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