Norika Company purchased a truck for $40.000. The company expected the truck to have a...
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Accounting
Norika Company purchased a truck for $40.000. The company expected the truck to have a useful life of four years or 100,000 kilometres, with an estimated residual value of $4,000 at the end of that time.
During the first and second years, the truck was driven 22,000 and 27,500 kilometres, respectively.
Required
Calculate the depreciation expense for the second year under the straight-line, units-of-production, and double-diminishing-balance methods.
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