Use the following information to answer the question: Cost of car: $26,000 Residual value: $6,000 Life: 5 years With the information given, determine the depreciation expense for the first year using...

Use the following information to answer the question:


Cost of car: $26,000


Residual value: $6,000


Life: 5 years


With the information given, determine the depreciation expense for the first year using the straight-line method.