The Chuck Company purchased a truck on January 1, 2016. The truck cost $106,000 and was expected to have a residual value of $14,000 at the end of 2018. Chuck uses the 150%-declining-balance depreciation method. What amount of depreciation should Chuck record on the truck in 2016?
A) $53,000
B) $30,667
C) $35,333
D) $46,000
Correct Answer:
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