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5. A vehicle was purchased on July 1, 2016 for $40,000 and has no salvage value and a useful life of 5 years. What is

5. A vehicle was purchased on July 1, 2016 for $40,000 and has no salvage value and a useful life of 5 years. What is the accumulated depreciation at December 31, 2018?

a. $8,000

b. $20,000 (ANSWER)

c. $16,000

d. $24,000

Can you please show me how to calculate this to get $20,000 as the answer. Thank you!

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