Question
Cullumber Ltd, purchased a delivery truck on January 1, 2021. at a cost of $72.960. The truck is expected to have a residual value
Cullumber Ltd, purchased a delivery truck on January 1, 2021. at a cost of $72.960. The truck is expected to have a residual value of $7.750 at the end of its 4-year useful life. Cullumber has a December 31 year end. Use the diminishing-balance method and assume the depreciation rate is equal to double the straight-line rate. (a) Calculate the depreciation for each year of the truck's life. (Round answers to O decimal places, eg. 5,275) 2021 Depreciation expense 2022 $ 2023 $ 2024 $
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