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Question - Harlow Manufacturing corporation purchased a Truck on Jan. 1 of the current yr. for $80,000. The useful life was set at 5 years or 100,000 hours. The salvage value was determined to be $5,000. The Truck was used 12,000 miles in the current year. The Straight Line Method of Depreciation is Used. Compute the Book Value of the Asset as of December 31st of the current year.
a. 15,000
b. 64,000
c. 65,000
d. 80,000
Compute how much depreciation expense for Cambridge Co. Cambridge Company purchased a truck on January 1, 2018. Cambridge has a December 31 fiscal year end.
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