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Best Limo Company purchased a new limo on the first day of 2016 at a...

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Accounting

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Best Limo Company purchased a new limo on the first day of 2016 at a cost of HK$65,000. Estimated residual value was HK$11,000 and the limo was believed to have a useful life of 5 years. Best Limo uses double-declining-balance depreciation. How much is annual depreciation expense for 2017? HK$26,000 HK$12,960 HK$15,600 HK$10,800

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