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

Lovell purchased a used van for use in its business on January 1,2020. It paid $11,000 for the van. Lovell expects the van to have a useful life of four years, with an estimated residual value of $800. Lovell expects to drive the van 18,000 miles during 2020,25,000 miles during 2021,20,000 miles in 2022, and 18,600 miles in 2023, for total expected miles of 81,600.
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\table[[Straight-line method],[Year,\table[[Annual],[Depreciation],[Expense]],\table[[Accumulated],[Depreciation]],Book Value],[Start],[2020],[2021],[2022],[2023,,,]]
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