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ARAGORN company purchased a truck for $160,000 on January 1, 2022. The estimated useful life...

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Accounting

ARAGORN company purchased a truck for $160,000 on January 1, 2022. The estimated useful life of the truck is 8 years and estimated residual value is $20,000. Company uses straight-line depreciation method for its vehicles. The business records depreciation once a year on December 31. Which of the expression is correct about the adjusting entry required to record depreciation on this truck as of December 31, 2024 (at the end of third year)? A) a debit to "Accumulated Depreciation" account for $20,000 B) a credit to "Accumulated Depreciation" account for $52,500 C a debit to "Depreciation Expense" account for $20,000 DI a debit to "Depreciation Expense" account for $60,000 E) a credit to "Accumulated Depreciation" account for $17.500

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