Question: 1. Station WMAT spent $5,000 for a new television camera. This camera will be replaced in five years. If the scrap value will be $500, determine the annual depreciation by the straight-line method.
2. A tractor for trailers was purchased for $58,000 and has a resale value of $8,000. The tractor is expected to be used for 250,000 miles and is driven 19,740 miles the first year. Find the depreciation for the year.