Finicky Freight purchased a truck at the beginning of Year 1 for $80,000.The company decided to depreciate the truck over a five-year period using the double-declining-balance method.The company estimated the equipment's salvage value at $8,000.Show how the costs should be presented on the financial statements at December 31,Year 2.Label the statements properly.

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The Answer of Finicky Freight purchased a truck at the beginning of Year 1 for $80,000.The company decided to depreciate the truck over a five-year period using the double-declining-balance method.The company estimated the equipment's salvage value at $8,000.Show how the costs should be presented on the financial statements at December 31,Year 2.Label the statements properly.

Finicky Freight Purchased a Truck at the Beginning of Year