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On January 1, 2017, Panda Company purchased a delivery truck for $105,000. They estimated the useful life of the truck to be 6 years, and

On January 1, 2017, Panda Company purchased a delivery truck for $105,000. They estimated the useful life of the truck to be 6 years, and the salvage value to be $19,500. On July 1, 2022, they sold the truck for a loss of $2,700.

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