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Prepare the necessary inwrnel entry to record depreciation

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Reference no: EM132806364

Long-term Assets

Libra Corporation purchased a truck for $50,000. The company expected the truck to have an usefui life of 100,000 miles, with an estimated residual value of $5,000 at the end of that time. During the fourth year, the truck was driven 25,000 miles.

Required:

Problem a. Compute the depreciation for the fourth year using the production method

Problem b. Prepare the necessary inwrnel entry to record the depreciation.

Reference no: EM132806364

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