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Linton Company purchased a delivery truck for $34,000 on January 1, 2017. The truck has an expected salvage value of $2,000, and is expected to
Linton Company purchased a delivery truck for $34,000 on January 1, 2017. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 10 years. Actual miles driven were 15,000 in 2017 and 12,000 in 2018. Instructions: Determine the book value of the delivery truck on December 31, 2017 assuming that the company is using the double-declining balance method. (When writing your answer do not use commas or sign of the dollar. For example, if your answer is $1,500, write it as 1500)
Linton Company purchased a delivery truck for $34,000 on January 1, 2017. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 10 years. Actual miles driven were 15,000 in 2017 and 12,000 in 2018.
Instructions: Determine the book value of the delivery truck on December 31, 2017 assuming that the company is using the double-declining balance method.
(When writing your answer do not use commas or sign of the dollar. For example, if your answer is $1,500, write it as 1500)
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