Cullumber Ltd. purchased a delivery truck on January 1, 2018, at a cost of $74,160. The truck is expected to have a residual value of $7,910 at the end of its 4-year useful life. Cullumber has a December 31 year end. Use the diminishing-balance method and assume the depreciation rate is equal to double the straight-line rate.
Calculate the depreciation for each year of the truck’s life.
2018
2019
2020
2021
my answers:
74160-7910=66250/4= 16562.5?
2018 = 66250
2019= 33125
2020 22308
2021 16562