This company purchased a truck at a cost of $20,000. The truck has an estimated...
90.2K
Verified Solution
Link Copied!
Question
Accounting
This company purchased a truck at a cost of $20,000. The truck has an estimated residual value of $2,000 and an estimated life of 5 years, or 100,000 hours of operation. The truck was purchased on January 1, 2019, and was used 27,000 hours in 2019 and 26,000 hours in 2020. If the company uses the double-declining-balance depreciation method, what amount is the depreciation expense for 2020?
$8,000
$4,800
$4,320
$3,600
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
