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On On January 1, Year 1, Phoenix Corporation purchased a delivery truck for $45,500. The estimated useful life of the truck is 5 years, with

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On January 1, Year 1, Phoenix Corporation purchased a delivery truck for $45,500. The estimated useful life of the truck is 5 years, with an estimated salvage value of $9,800. The truck is expected to be driven 210,000 miles during its useful life. Required: a. If Phoenix uses double-declining-balance depreciation, what is the amount of depreciation for Year 2? What is the balance of the accumulated depreciation account at the end of Year 2? b. Assume Phoenix used double-declining-balance depreciation and sold the truck at the beginning of Year 3 for $18,400. What is the amount of the gain or loss on the sale of the delivery van? Complete this question by entering your answers in the tabs below. If Phoenix uses double-declining-balance depreciation, what is the amount of depreciation for Year 2? What is the balance of the accumulated depreciation account at the end of Year 2

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