0) A company buys a truck for $50,000 with an expected salvage value of $10,000 and an expected life of 4 years. If it uses straight-line depreciation, the annual depreciation expense is The Statement of Financial Position shows a value of the truck after 2 full years is p) Gross profit is calculated as sales minus EBIT is an accounting acronym meaning q) Current assets are those which are expected to be turned into cash within