Andeo Corporation purchased a truck at the beginning of 2020 for $48,000. The truck is estimated to
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Andeo Corporation purchased a truck at the beginning of 2020 for $48,000. The truck is estimated to have a residual value of $3,000 and a useful life of 275,000 km. It was driven for 52,000 km in 2020 and 65,000 km in 2021.
(a) Calculate depreciation expense for 2020 and 2021 using the units of production method. Round the perkilometre charge to four decimal places and the final answer to the nearest dollar.
(b) For tax purposes, the asset’s capital cost allowance (CCA) rate is 30%. Calculate the CCA for 2020 and 2021. Round the final answer to the nearest dollar.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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a 48000 3000 275000 01636 per km 2020 52000 X 01636 8507 2021 6500...View the full answer
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Related Book For 
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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