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2. Good Fortune Company bought a lorry for $60,000. This lorry is expected to last 5 years and its salvage value at the end of

2. Good Fortune Company bought a lorry for $60,000. This lorry is expected to last 5 years and its salvage value at the end of 5 years is $20,000. Using the straight-line method, (b Calculate the annual depreciation. Calculate the annual rate depreciation. Calculate the book value of the lorry at the end of second year

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