On September 1, a company purchased a vehicle for $53,000 with a residual value
ID: 2489949 • Letter: O
Question
On September 1, a company purchased a vehicle for $53,000 with a residual value of $3,000. The estimated useful life is 10 years and the company uses the straight-line method. What is the depreciation expense for the year ended December 31?
$1,250
$1,767
$1,667
$5,000
On September 1, a company purchased a vehicle for $53,000 with a residual value of $3,000. The estimated useful life is 10 years and the company uses the straight-line method. What is the depreciation expense for the year ended December 31?
Explanation / Answer
Depreciation Expense = $53,000 - $3,000
10
= $5,000
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