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Calculate depreciation expense using straight-line method

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On July 1, 2020 Headlands's Greenhouse purchased a new delivery truck for $100,000. Headlands estimates that the delivery truck will have a five-year useful life, or 225,000 kilometres, and a residual value of $10,000. Headlands's Greenhouse has a December 31 year end. Headlands drove the truck 15,000 km in 2020 and 34,000 km in 2021.

Problem 1: Calculate depreciation expense using the straight-line method for 2020 and 2021.

Reference no: EM132958014

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