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On January 1, 2013, ABC Company purchased a truck for $75,000. The truck was estimated to last five years with a salvage value of $10,000. While the company uses the straight-line method of depreciation, they mistakenly debited Miscellaneous Expense when the truck was purchased. The error was discovered in December 2014.
1) Prepare the proper entries in 2014 relating to the truck. Ignore income taxes.
2) In December 2015, it was determined that the truck was going to last a total of 15 years and have a salvage value of $4,000. Calculate the amount of depreciation expense for 2015.
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