Sheffield Corp. acquires a delivery truck at a cost of $ 59,000. The truck is expected to have a salvage

Sheffield Corp. acquires a delivery truck at a cost of $ 59,000. The truck is expected to have a salvage value of $ 7,000 at the end of its 5-year useful life. Assuming the declining-balance depreciation rate is double the straight-line rate, compute annual depreciation for the first and second years under the declining-balance method.

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