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Fisher Deliveries purchased a delivery truck on January 1,2020 for $120,000. The truck has an estimated useful life of 10 years and $20,000 estimated salvage
Fisher Deliveries purchased a delivery truck on January 1,2020 for $120,000. The truck has an estimated useful life of 10 years and $20,000 estimated salvage value. Deliveries revenue for 2020 is $80,000. Expenses are salaries for $45,000 and depreciation expense. On December 31,2020 the truck had a market value of $100,000. Net income (loss) for 2020 is: $15,000$35,000$25,000$20,000
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