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Compute depreciation expense for 2022 and 2023

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Question

Pharoah Company purchased a delivery truck for $44,000 on July 1, 2022. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2022 and 12,000 in 2023. Pharoah uses the straight-line method of depreciation.

Compute depreciation expense for 2022 and 2023.

Reference no: EM132408497

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