On January 1, 2019, a corporation acquired a truck for $600,000. The residual value was estimated to be $20,000. The truck can be driven for 50,000 miles over the next three years. The actual usage of the truck was 8,640 miles for the first year. Calculate the rate of depreciation to be applied and depreciation for the first year using the units-of-production method. (Do not round your intermediate calculations.)

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The Answer of On January 1, 2019, a corporation acquired a truck for $600,000. The residual value was estimated to be $20,000. The truck can be driven for 50,000 miles over the next three years. The actual usage of the truck was 8,640 miles for the first year. Calculate the rate of depreciation to be applied and depreciation for the first year using the units-of-production method. (Do not round your intermediate calculations.)

On January 1, 2019, a Corporation Acquired a Truck for $600,000