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ABC Company purchases a new delivery truck for $50,000 on January 1, 2022. The truck has an estimated useful life of 5 years and a

ABC Company purchases a new delivery truck for $50,000 on January 1, 2022. The truck has an estimated useful life of 5 years and a salvage value of $10,000. The company uses the double-declining-balance method to depreciate the truck. What is the depreciation expense and the book value of the truck at the end of the third year? Show all the necessary calculations.

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