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Johnson Company, a calendar-year company, purchased a delivery vehicle for $21,000 on 1/1/14. License and insurance costs for the vehicle will be $700 per year. The salvage value is $3,500 and it has an estimated useful life of 5 years. The vehicle will be depreciated using the double-declining balance method of depreciation. What will the depreciation expense be in year one?

  $8,400
  $7,000
  $4,200
  $3,500

Reference no: EM13945146

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