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Ivanhoe Ltd. purchased a delivery truck on May 1, 2021, at a cost of $...

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Accounting

Ivanhoe Ltd. purchased a delivery truck on May 1, 2021, at a cost of $ 83,040. The truck is expected to have a residual value of $ 7,280 at the end of its 4-year useful life. Ivanhoe has a December 31 year end. Calculate the depreciation expense using the diminishing-balance method for 2021 and 2022. Assume the depreciation rate is equal to one time the straight-line rate. (Round answers to 0 decimal places, e.g. 5,275.)

Depreciation expense

2021

 $ enter a dollar amount

2022

 $ enter a dollar amount

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