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Calculate the depreciation expense

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Question - Orange Corporation purchased a vehicle on Jan 1, 2019 for $115,000. The estimated life of the vehicle is 10 years and estimated residual value is $3,000. Calculate the depreciation expense for 2019 and 2020, if they use the double-diminishing-balance method of depreciation? Write the journal entry for the 2019 depreciation expense.

Reference no: EM132975836

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