Assume that a business acquires a delivery truck at a cost of $4,800. Estimated life of the

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Assume that a business acquires a delivery truck at a cost of $4,800. Estimated life of the truck is four years. State the amount of depreciation expense per year and per month. Give the adjusting entry to record depreciation on the truck at the end of the first month, and explain where the accounts involved would ap¬

pear in the financial statements. LO3

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