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Determine the amount of accumulated depreciation

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On January 1, Year 1, Your Ride Inc. paid $42,000 cash to purchase a taxi cab. The taxi had a 4-year useful life and a $5,400 salvage value.

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Question a. Determine the amount of depreciation expense that would appear on the Year 1 and Year 2 income statements.

Question b. Determine the amount of accumulated depreciation that would appear on the Year 1 and Year 2 balance sheets.

Reference no: EM132473497

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