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Posted on Aug 06, 2024

ABC Company purchases a truck costing $ 6 0 , 0 0 0 on July 1 , 2 0 2 3 . ABC paid cash

ABC Company purchases a truck costing $

60, 000

on July

1, 2023 .

ABC paid cash for the truck. Management determines that the truck has a useful life of

5

years and will have no residual value. Record the journal entry for depreciation expense on December

31, 2024

assuming ABC only records depreciation for its fixed assets at year end and not monthly.

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