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Pharoah Company purchased a delivery truck for $49,000 on January 1, 2022. The truck has an expected salvage value of $13,000, and is expected to
Pharoah Company purchased a delivery truck for $49,000 on January 1, 2022. The truck has an expected salvage value of $13,000, and is expected to be driven 100,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,300 in 2022 and 13,200 in 2023. (b2) Assume that Pharoah uses the straight-line method. Show how the truck would be reported in the December 31, 2022, balance sheet. Pharoah Company Partial Balance Sheet December 31, 2022 $ Less $ eTextbook and Media List of Accounts
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