On January 1, 2015, a company 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 3 years. Actual usage of the truck was 8,640 mile 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, 2015, a company 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 3 years. Actual usage of the truck was 8,640 mile 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, 2015, a Company Acquired a Truck for $600,000