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Flint Company acquires a delivery truck at a cost of $56,000 on January 1, 2022....

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Accounting

Flint Company acquires a delivery truck at a cost of $56,000 on January 1, 2022. The truck is expected to have a salvage value of $6,000 at the end of its 5-year useful life. Assuming the declining-balance depreciation rate is double the straight-line rate, compute annual depreciation for the first and second years under the declining-balance method.

Year 1

Year 2

Annual depreciation expense

 $enter a dollar amount $enter a dollar amount

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