Determine the cost and depreciable cost of the tractor

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Reference no: EM13259297

Demarco Phipps purchased a used tractor for $17,500. Before thetractor could be used, it required new tires, which cost $1,100,and an overhaul which cost $1,400. Its first tank of fuel cost $75.The tractor is expected to last six years and have a residual valueof $2,000. Determine the cost and depreciable cost of the tractor and calculate the first year's depreciation under the straight-line method.

Reference no: EM13259297

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