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QUESTION
Pat Brown bought a Chevy truck for $28,000 with an estimated life of 5 years. The residual value of the truck is $3,000. Assume a straight line...
Pat Brown bought a Chevy truck for $28,000 with an estimated life of 5 years. The residual value of the truck is $3,000. Assume a straight line method of depreciation. (a) What will be the book value of the truck at the end of year 3? (b) if the Chevy truck was bought the first year on April 12, how much depreciation would be taken the first year?
