Clarence Trucking Inc. purchased a new truck on January 1 of the current year for $360,000. Its useful life is expected to be 8 years and its salvage value is estimated at $60,000. The company uses the double-declining balance method. What is the truck's book value at the end of December 31 of the second year?
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Home » Business » Clarence Trucking Inc. purchased a new truck on January 1 of the current year for $360,000. Its useful life is expected to be 8 years and its salvage value is estimated at $60,000. The company uses the double-declining balance method.