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Q1. XYZ company purchased a truck for $75,000 on January 1, 2016. Based on the following data, use both the straight-line method and reducing method

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Q1. XYZ company purchased a truck for $75,000 on January 1, 2016. Based on the following data, use both the straight-line method and reducing method to calculate the depreciation of the truck in the Year 2016, 2017 and 2018. Also explain the major differences between the two methods. + e Price of the truck Expected life of the truck Depreciation Percentage HK$75,000+ 5 years 20%- (10 marks)

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