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Louies Marine Construction, Inc. purchased a motorized barge on January 1, 2023. The total acquisition cost of the barge was $325,000. Louies Marine Construction, Inc.
Louies Marine Construction, Inc. purchased a motorized barge on January 1, 2023. The total acquisition cost of the barge was $325,000. Louies Marine Construction, Inc. estimates that the barge will be worth $25,000 at the end of its ten-year useful life.
Complete the following chart assuming that Louies Marine Construction, Inc. uses the straight-line method to measure depreciation expense.
Year | Annual Depreciation Expense | Accumulated Depreciation at the End of the Year | Net Book Value at the End of the Year |
2023 | Blank 1 | Blank 2 | Blank 3 |
2024 | Blank 4 | Blank 5 | Blank 6 |
2025 | Blank 7 | Blank 8 | Blank 9 |
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