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1. 2. Rapture Company purchased a new car for use in its business on January 1,2017 . It paid $27,000 for the car. Rapture expects
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Rapture Company purchased a new car for use in its business on January 1,2017 . It paid $27,000 for the car. Rapture expects the car to have a useful life of four years with an estimated residual value of zero. Rapture expects to drive the car 30,000 miles during 2017, 55,000 miles during 2018, 50,000 miles in 2019, and 45,000 miles in 2020, for total expected miles of 180,000 Read the requirements. (Complete all answer boxes. Enter a "0" for any zero values.) Odell purchased a used van for use in its business on January 1,2017 . It paid $15,000 for the van. Odell expects the van to have a useful life of four years, with an estimated residual value of $1,200. Odell expects to drive the van 26,000 miles during 2017, 25,000 miles during 2018, 9,000 miles in 2019, and 32,000 miles in 2020, for total expected miles of 92,000. Read the requirements. (Complete all answer boxes. Enter a "0" for any zero values.)Step by Step Solution
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