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What would be the book value at end of year 1

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A truck costs $16,000 with a residual value of $1,000. It has an estimated useful life of 5 years. If the truck was bought on July 3, what would be the book value at end of year 1?
Answer

$16,000

$12,500

$14,500

$1,500

None of these

Reference no: EM13135538

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