Buckingham Ltd purchases a delivery truck on January 1 2015 Buckingham Ltd. purchases a delivery…

 
   

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Buckingham Ltd purchases a delivery truck on January 1 2015
Buckingham Ltd. purchases a delivery truck on January 1, 2015, at a cost of $86,000. The truck is expected to have a residual value of $6,000 at the end of its four-year useful life. Buckingham has a December 31 year end. Calculate the depreciation using the straight-line method

(a) For each year of the truck’s life,

(b) In total over the truck’s life.

Buckingham Ltd purchases a delivery truck on January 1 2015