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Lovell purchased a used van for use in its business on January 1 , 2 0 2 0 . It paid $ 1 7 ,

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Lovell purchased a used van for use in its business on January 1,2020. It paid $17,000 for the van. Lovell expects the van to have a useful life of four years, with an estimated residual value of $1,400. Lovell expects to drive the van 24,000 miles during 2020,16,000 miles during 2021,33,000 miles in 2022, and 27,000 miles in 2023, for total expected miles of 100,000.
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\table[[Double-declining-balance method],[,\table[[Annual],[Depreciation],[Expense]],\table[[Accumulated],[Depreciation]],Book Value],[Year,,,],[Start,,,],[2020,,,],[2021,,,],[2022,,,],[2023,,,]]
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