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Determining the depreciation amount of truck

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Question 1: Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $17,000 for the truck. The truck is expected to have a $3,500 residual value and a 4-year life. Cambridge has a December 31 fiscal year end. Using the straight-line method, how much is the 2019 depreciation expense? (Enter only whole dollar values.)

Question 2: Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $23,000 for the truck. The truck is expected to have a $2,000 residual value and a 5-year life. Cambridge has a December 31 fiscal year end. Using the double-declining balance method, how much is the 2019 depreciation expense? (Enter only whole dollar values.) Hint: what is the year 2 depreciation amount?

Reference no: EM132421327

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