Problem 2 Depreciation Methods 12 points On January 1, 2020, Watt Inc. purchased a Truck for $75,000. The estimated life of the truck was 5 years with an estimated salvage/residual value of $5,000. Compute the Depreciation expense, Accumulated Depreciation, and Book value on this equipment for the first two years ending on December 31, 2020 and 2021 using the following methods \begin{tabular}{|c|c|c|c|c|} \hline Straight-line Method & Computations & \begin{tabular}{c} Depreciation \\ Expense \end{tabular} & \begin{tabular}{c} Accumulated \\ Depreciation \end{tabular} & Book Value \\ \hline 2020 & & & & \\ \hline 2021 & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline 200% Declining Balance Method & Computations & \begin{tabular}{c} Depreciation \\ Expense \end{tabular} & \begin{tabular}{c} Accumulated \\ Depreciation \end{tabular} & Book Value \\ \hline 2020 & & & & \\ \hline 2021 & & & & \\ \hline \end{tabular}