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Purchased a vehicle for $45,000 on April 1, paying $5,600 cash and signing a $39,400 bank loan for the balance. The vehicle is estimated to

Purchased a vehicle for $45,000 on April 1, paying $5,600 cash and signing a $39,400 bank loan for the balance. The vehicle is estimated to have a useful life of 5 years and the company uses straight-line depreciation. The bank loan has an interest of 3%, payable at maturity.

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