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On January 1, 2019, Violet Co. purchased a vehicle costing $66,000. The vehicle has an estimated 6-year life and a $2,000 residual value. Violet uses
On January 1, 2019, Violet Co. purchased a vehicle costing $66,000. The vehicle has an estimated 6-year life and a $2,000 residual value. Violet uses the units-of-production depreciation method and Violet estimates that the vehicle will be driven 80,000 miles. What is the amount of accumulated depreciation reported on Violet's balance sheet at December 31, 2020, assuming the vehicle was driven 20,000 miles during 2019 and driven 6,000 miles during 2020? (Fill in blanks with numbers only. No $ needed.)
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