Brief Exercise 9-4 Gordon Chemicals Company acquires a delivery truck at a cost

Question

Brief Exercise 9-4 Gordon Chemicals Company acquires a delivery truck at a cost of $30,000 on January 1, 2017. The truck is expected to have a salvage value of $3,000 at the end of its 3-year useful life Compute annual depreciation for the first and second years using the straight-line method. (Round answers to o decimal places, e.g. 125.) First Year Second Year Annual depreciation under straight-line method Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT INTERACTIVE TUTORIAL Question Attempts: 0 of 3 usedSAVE FOR LATER SUBMIT ANSWE

Explanation / Answer

Depreciation=(Cost-Salvage value)/USeful life

=(30000-3000)/3

=$9000/year[including first and second year].

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