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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.

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