Adelivery van that cost $40,000 has an expected service life of eight years and a residual value of $4,000. depreciation expense for the second year of the asset's life using the straight-line method is:

$4500

Explanation:

Given: Purchase cost of Van= $40000

           Estimated useful life= 8 years

           residual value= $4000

As given we have to use straight line method for finding depreciation expense;

Formula, Depreciation expense=

Annual depreciation expense=

∴ Depreciation expense=

We know that in straight line method of depreciation, depreciation expense will remain same for all useful life of asset, however, book value changes.

∴ Depreciation expense for second year will also be $4500.

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