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Calculate depreciating expense for the truck

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On January 1, 2022, Company X bought a new truck for $60,000. The truck was estimated to be useful for 5 years, and the residual value of $7,000. On January 1, 2024, Company X determined the useful life was reduced to 4 years. Assume straight-line depreciation.

Question 1: Calculate depreciating expense for the truck for 2022, 2023, 2024.

Reference no: EM132691194

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