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2.) A B Summer Beaches Co. purchased a new vehicle for $15,000 on Jan 1, 2021. Its useful life is 5 years and the
2.) A B Summer Beaches Co. purchased a new vehicle for $15,000 on Jan 1, 2021. Its useful life is 5 years and the estimated salvage value is $0. Using straight-line depreciation, calclate the annual deprecation expense, the accumulated depreciation on December 31st of each year, and the net book value on December 31st of each year, for all 5 yrs. Using the calculations from #2 above, what is the Depreciation Expense for the year ending 12/31/23? Using the calculations from #2 above, what is the net book value on 12/31/25? D Using the information from #2 above, what would be the gain or loss on sale of the asset if it were sold for $8,000 on Jan 1, 2023?
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