Current Attempt in Progress Your answer is incorrect. Pharoah Chemicals Company acquires a delivery truck at a cost of $35,000 on January 1,2022 . The truck is expected to have a salvage value of $2,900 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