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Question: Walmart purchased a delivery truck for $40,000 on January 1, 2023. The truck has an estimated useful life of 5 years and a salvage
ยทQuestion: Walmart purchased a delivery truck for $40,000 on January 1, 2023. The truck has an estimated useful life of 5 years and a salvage value of $5,000. Calculate the depreciation expense for the year ended December 31, 2023, using the straight-line method.
Requirements:
- Calculate annual depreciation expense using the straight-line method.
- Provide the journal entry to record the depreciation expense for 2023.
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