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Pandora Pants Company acquires a delivery truck on April 6, 2017, at a...

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Accounting

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Pandora Pants Company acquires a delivery truck on April 6, 2017, at a cost of $20,000. The truck is expected to have a residual value of $3,000 at the end of its four-year life. Pandora uses the nearest month method to pro-rate depreciation expense. The company has a policy of recording a half-year's depreciation in the year of acquisition and a half-year's depreciation in the year of disposal. Using the double diminishing-balance method, calculate the depreciation expense for the second year of the equipment's life

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