Straight-Line and Units-of-Output Depreciation
Finx, Inc., purchased a truck for $40,000. The truck is expected to be driven 15,000 miles p er year over a five-year period and then sold for approximately $5,000. Determine depreciation for the first year of the truck’s useful life by the straight-line and units-of-output methods if the truck is actually driven 16,000 miles. (Round depreciation per mile for the units-of-output method to the nearest whole cent.)
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