please helpThanks Calculator StraightLine DecliningBalance a

please help.Thanks

Calculator Straight-Line, Declining-Balance, and Sum-of-the-Years\'-Digits Methods A light truck is purchased on January 1 at a cost of $28,660. It is expected to serve for eight years and have a salvage value of $4,020. Calculate the depreciation expense for the first and third years of the truck\'s life using the following methods. If required, round your answers to the nearest cent. Depreciation Expense Year 1 Year 3 1. Straight-line 2. Double-declining-balance 3. Sum-of-the-years\'-digits

Solution

First year Third year 1 Straight line $ 3,080.00 $ 3,080.00 2 Double declining balance $ 7,165.00 $ 4,030.31 3 sum of the year digits $ 5,475.56 $ 4,106.67 Straight line depreciation= (Cost-salvage value)/ life=(28660-4020)/8=$ 3,080 Double declining balance First year=Cost*2/8=28660*2/8= $7,165 Third year=(Cost -first and second year WDV)*2/8=(28660-7165-5373.75)*2/8=4,030.31 Sum of the year digits First year= (Cost-Salvage value)*8/(1+2+3+4+5+6+7+8)=(28660-4020)*8/(1+2+3+4+5+6+7+8)=$5,475.56 Third year= (Cost-Salvage value)*6/(1+2+3+4+5+6+7+8)=(28660-4020)*6/(1+2+3+4+5+6+7+8)=$4,106.67