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###### 1. Cost Concept Review the cost concept. Consider a delivery truck that was purchased for $20,000...

1. Cost Concept Review the cost concept. Consider a delivery truck that was purchased for $20,000 and its useful life is 10 years. Assume the truck's value declines linearly. a. What would be the "book value of the truck on a balance sheet prepared: i. 2.0 years after purchase ii. 11.0 years after purchase iii. 3.5 years after purchase. (Hint: the value of assets that wear out declines continuously). b. Given that the truck's value was recorded at $20k when purchased, posit a set of transaction table entries to appropriately reduce the truck's value exactly one year after purchase. Remember your set of entries must satisfy the A form of the Duality Equation.

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