Lake Company bought a used delivery truck on January 1, 2017, for $20,000. The delivery...
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Accounting
Lake Company bought a used delivery truck on January 1, 2017, for $20,000. The delivery truck was expected to remain in service 4 years (50,000 miles). Lake's accountant estimated that the trucks residual value would be $2,000 at the end of its useful life. The truck traveled 14,000 miles the first year and 18,000 miles the second year year.
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