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A truck was purchased for180,000 and it was estimated to have a36,000 residual value at the end of its useful life.Monthly depreciationexpense of3,000was recorded using

A truck was purchased for180,000 and it was estimated to have a36,000 residual value at the end of its useful life.Monthly depreciationexpense of3,000was recorded using thestraight-line method. The annual depreciation rate is

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