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Calculate depreciation expense for the year ended December

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Reference no: EM132908599

Question - Jackal Energy purchased a transport truck on January 1, 2020, for $271,300 cash. Its estimated useful life is five years or 290,000 kilometres with an estimated residual value of $50,900.

Required -

1. Calculate depreciation expense for the year ended December 31, 2020, using each of the following methods:

-Straight-line

-Double-declining-balance

-Units-of-production (assume 38,000 kilometres were actually driven in 2020).

2. Which depreciation method will produce the highest profit for Jackal in 2020?

Reference no: EM132908599

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