A truck purchased by Ace Trucking Co. costs $80,000. It is expected to last for 10 years but to be traded-in after 3 years for allowance will be about $2,000). Which of the following is true? newer model (the trade-in Multiple Choice The truck will be depreciated over 3 years The truck will be depreciated at one rate the first three years and at a different rate the remaining 7 years The truck will be depreciated over 10 years None of the other alternatives are correct The trade in allowance is not part of the depreciation calculation