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1. Jackal Energy purchased a transport truck on January 1, 2020, for $305,200 cash. Its estimated useful life is five years or 320,000 kilometres with
1. Jackal Energy purchased a transport truck on January 1, 2020, for $305,200 cash. Its estimated useful life is five years or 320,000 kilometres with an estimated residual value of $52,400. Required Calculate depreciation expense for the year ended December 31, 2020, using each of the following methods: a. Straight-line b. Double-declining-balance c. Units-of-production (assume 30,000 kilometres were actually driven in 2020)
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