Question
Oriole Ltd. purchased a delivery truck on January 1, 2018, at a cost of $82,400. The truck is expected to have a residual value of
Oriole Ltd. purchased a delivery truck on January 1, 2018, at a cost of $82,400. The truck is expected to have a residual value of $7,520 at the end of its 4-year useful life. Oriole has a December 31 year end. Use the diminishing-balance method and assume the depreciation rate is equal to double the straight-line rate.
Calculate the depreciation for each year of the truck's life.(Round answers to 0 decimal places, e.g. 5,275.)
Depreciation expense
2018$=
2019$=
2020$=
2021$=
Calculate the depreciation in total over the truck's life.
Total depreciation expense$=
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