Depreciation Exercise On May 1, 2014 Canada Retail purchased a truck that cost a total...
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Depreciation Exercise On May 1, 2014 Canada Retail purchased a truck that cost a total of $235,000. The truck has an estimated useful life of 3 years and $25,000 residual value. Complete the following table showing the cost of the truck, the amount of depreciation expense per year, accumulated depreciation to date, and the net book value. Assume the company uses the straight-line method to depreciate trucks Accumulated Book Val ue/Carrying Amount Amount of Depreciation Expense (Cost of equipment - Cost of Year Equipment Depreciation to- Date Depreciation Depreciation expense -cost of expense to-date equipment residual value)yuseful life
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