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Sheffield Company acquires a delivery truck at a cost of $42,000 on January 1, 2022....

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Accounting

Sheffield Company acquires a delivery truck at a cost of $42,000 on January 1, 2022. The truck is expected to have a salvage value of $11,000 at the end of its 8-year useful life.

Compute annual depreciation expense for the first and second years using the straight-line method.

Year 1

Year 2

Annual depreciation expense

 $enter a dollar amount $enter a dollar amount

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