Pharoah Ltd. purchased a delivery truck on January 1, 2024, at a cost of $92,000. The truck is expected to have a residual value of $9,200 at the end of its 4-year useful life. Pharoah 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.
Depreciation Expense
2024 $ 23000
2025 $ 17250
2026 $ 12937.5
2027 $