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Omaha Beef Company purchased a delivery truck for $62,000. The residual value at the end...

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Accounting

Omaha Beef Company purchased a delivery truck for $62,000. The residual value at the end of an estimated eight-year service life is expected to be $8,000. The company uses straight-line depreciation for the first six years. In the seventh year, the company now believes the truck will be useful for a total of 10 years (four more years), and the residual value will remain at $8,000.

Calculate depreciation expense for the seventh year.

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