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A company purchased a truck for $35,000 on January 1, 2013. The truck is estimated to have a useful life of four years and an

A company purchased a truck for $35,000 on January 1, 2013. The truck is estimated to have a useful life of four years and an estimated salvage value of $1,000. Assuming that the company uses straight-line depreciation, what is the depreciation expense on the truck for the year ended December 31, 2014? (Explain the components and equation for calculation.)

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