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On January 1, 2020, Fast & Furious Corporation purchased a new race car for $250,000....

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Question

Accounting

On January 1, 2020, Fast & Furious Corporation purchased a new race car for $250,000. The company expects the car to last for 5 years. The car has an estimated residual value of $45,000.

Required:

  1. Complete the table below by calculating the annual depreciation and book value for each year of the car's estimated useful life using the double-declining balance method. Space has been provided for your calculations. Round to two decimal places.

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