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Johnson Company purchased a truck on January 1, 2020, for $120,000. Estimated life of the truck is five years or 100,000 miles, and its
Johnson Company purchased a truck on January 1, 2020, for $120,000. Estimated life of the truck is five years or 100,000 miles, and its estimated residual value is $10,000. The first year, the truck was driven 9,500 miles. Calculate the depreciation expense for the first year using the following depreciation methods: 1. Straight-line 2. Units-of-production 3. Double-declining balance
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