Cullumber Ltd. purchased a new delivery truck on January 1, 2023. The truck cost $132,300 and was estimated to have a residual value of $1,300. It was estimated that the truck would be driven 524,000 kilometres for the company over its useful life of five years. During 2023, the truck was driven 96,600 kilometres, and 128,100 kilometres in 2024.
a. Calculate depreciation expense for 2023 and 2024.
