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Determine the due date and amount of interest due to maturity on the following notes: Walker Company acquires a delivery truck at a cost of
Determine the due date and amount of interest due to maturity on the following notes: Walker Company acquires a delivery truck at a cost of $40,000. The truck is expected to have a salvage value of $6,000 at the end of its 4-year useful life. Compute annual depreciation for the first and second years using the straight-line method. On January 1, 2005, the Vasquez Company ledger shows Equipment $32,000 and Accumulated Depredation $9,000. The depredation resulted from using the straight-line method with a useful life of 10 years and salvage value of $2,000. On this date, the company concludes that the equipment has a remaining useful life of only 4 years with the same salvage value. Compute the revised annual depreciation
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