Final answer:
The accountant for X-it Company may assume the purchase date for depreciation purposes as the first day of the quarter or midpoint. However, this question appears to be mixed with another question on economic profit, which involves calculating an opportunity cost of $30,000 for land owned by the firm and used for the factory.
Step-by-step explanation:
In regards to the question on calculating depreciation for X-it Company's new delivery truck, the company's accountant will likely assume that the truck was purchased on the first day of the quarter in which the truck was purchased or the midpoint.
However, this question is confusing as it seems to be mixed with another question related to economic profit which pertains to a different topic.
The context provided about the firm's factory and the potential rental income of the land is related to an economic concept called opportunity cost which is used to calculate economic profit.
Economic profit is calculated by subtracting both explicit and implicit costs (including opportunity costs) from total revenues.
If the company could rent the land for $30,000 per year, and this rental income is not being earned because the land is used for the factory instead, this amount should be considered an implicit cost when calculating the economic profit.
To find the economic profit for last year, one would need to subtract this opportunity cost along with any other explicit costs from the firm's total revenues.