Answer the ten $(10)$ questions given the following data set:

ABC purchases a new delivery truck on January $1,2022.$ The cost of the truck is $$40,000.$ The truck is expected to last for five $(5)$ years and at that time have a salvage $($residual$)$ value of $$5,000.$

After two $(2)$ years, ABC believes it will now have the delivery truck for a total of $8$ years and after that time, the truck will have a $$2,000$ salvage $($residual$)$ value.

After $6$ years, ABC sells the truck for $$6,000.$A formal report may be defined as a document in which a writer

$$ to solve a problem.

Explanation:

Close Explanation

A formal report may be defined as a document in which a writer analyzes findings, draws conclusions, and makes recommendations intended to

solve a problem. Memos are not included in formal reports. Formal business reports offer recommendations; informal reports offer them only

when requested. Both primary and secondary research can be used to write a formal report.

Formal reports provide management with

vital data

$$ to assist in the decision$-$making process.

$\frac{0}{1}$

Explanation:

Close Explanation

Formal reports fulfill an important function and are used to provide vital data to be used in the decision$-$making process. Reports are data$-$

driven, and do not offer unique opinions throughout the report. Alternatives do not have to be conservative in nature, but they must be ordered

and developed. Casual observations are less likely to be of value in the $-$making process because they are based on opinion instead of data.

What is the first step in formal report writing?Question $2$

What is the impact on net income in Year $1$ as a result of the events described?

If the amount is an increase to net income, enter a positive number. If the amount is a decrease to

net income, enter a negative number. If there is no impact, enter $0($zero$).$ Do not enter any dollar

signs or commas. Use the negative sign for any negatives numbers.