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Question 7 Hilmar Company purchased a truck on January 1, 2020, at a cost of $34,000. The company estimated that the truck would have a

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Question 7 Hilmar Company purchased a truck on January 1, 2020, at a cost of $34,000. The company estimated that the truck would have a useful life of 4 years and a residual value of $4,000. Required: 1. Complete the following table: Year Depreciation Straight-line method Depreciation Declining balance method 2020 2021 2022 2023 2. Which of the two methods in part I would result in a. Lower net income in 2020? b. Lower net income in 2023

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