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Fisherman Company Purchased a Light Truck on October 1,20220 at a Cost

question 8

Essay

Fisherman Company purchased a light truck on October 1,20220 at a cost of $72,000.The truck is expected to last six years and have a residual value of $5,200.Fisherman Company uses the calendar year as their fiscal year,and the nearest whole month method for depreciation.
(1)What is the depreciation expense for 2020,assuming the straight-line method is used?
(2)What is the depreciation expense for 2021,assuming the double-declining-balance method at twice the straight-line rate is used?


Definitions:

Appointment Area

A section within calendar or scheduling software where details of appointments can be entered and viewed.

Time Slot

A specific, scheduled period of time allocated for an activity or event.

Calendar View

A method of displaying calendar data that allows users to see events or tasks organized by days, weeks, or months.

Events

Actions or occurrences recognized by software that may be handled by event-handling code, such as mouse clicks or key presses in programming.

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