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Answer

Depreciation Accounting

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There are three problems this week involving asset accounting. Click on the tabs at the bottom of the spreadsheet to go to each problem. Depreciation Ace Specialties bought a delivery truck for $40,000 cash. The expected useful life is 5 years and the salvage value is $5,000. Ace uses a calendar year and the truck was purchased on July 1, 2015. Calculate the depreciation for each year using the straight line method and the double declining balance method. Show the journal entry for year one for the double declining balance method.