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CP 8-5 Penny Corp. purchased a new car on March 1, 2016 for $225,000. The estimated useful life of the car was five years or

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CP 8-5 Penny Corp. purchased a new car on March 1, 2016 for $225,000. The estimated useful life of the car was five years or 500,000 kms. Estimated residual value was $5,000. The car was driven 120,000 kms. in 2016 and 150,000 kms. in 2017. Required: Calculate the depreciation for 2016 and 2017 using 1. The straight-line method 2. Usage method (kms.) 3. Double-declining balance method

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