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Corales Company acquires a delivery truck at a cost of $64,000. The truck is expected to have a salvage value of $7,000 at the end

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Corales Company acquires a delivery truck at a cost of $64,000. The truck is expected to have a salvage value of $7,000 at the end of its 4-year useful life. Assuming the declining-balance depreciation rate is double the straight-line rate, compute annual depreciation for the first and second years under the declining-balance method

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