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On January 1, 2019, Altuve Tours purchased a bus for $550,000. Altuve expects the bus to remain useful for 5 years and have a residual

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On January 1, 2019, Altuve Tours purchased a bus for $550,000. Altuve expects the bus to remain useful for 5 years and have a residual value of $50,000. Using the Straight Line method, calculate the depreciation expense for the year 2019 and the book value of the trailer at the end of 2019. (6 points)

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