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Sheridan Ltd. purchased a delivery truck on May 1,2021. at a cost of $85,200. The...

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Accounting

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Sheridan Ltd. purchased a delivery truck on May 1,2021. at a cost of $85,200. The truck is expected to have a residual value of $8,710 at the end of its 4 -year useful life. Sheridan 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.8, 5,275.)

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