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Yuk Yuky purchased a new truck January 1, 2017 for $75,000. The truck had an estimated life of 6 years and a salvage value of
Yuk Yuky purchased a new truck January 1, 2017 for $75,000. The truck had an estimated life of 6 years and a salvage value of $15,000. Find the Depreciation expense at December 2017 December 2019 under the following methods (1) Straight-line, (B) Sum-of-year Digit, (C) Double Declining Balance. If the equipment was sold on December 31, 2019 for $40,000, what is the entry to record the gain or loss using the straight-line method under (D) Straight-line (E) Sum-of-year digit and (F) Double Declining Balance.
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