A company uses straight-line depreciation. It purchased a truck for $40,000. The truck's salvage value is $10,000. The truck's annual depreciation expense is $6,000. What is the truck's useful life? 6 years 8 years O 5 years O 4 years 7 years

A company uses straight-line depreciation. It purchased a truck for $40,000. The truck's salvage value is $10,000. The truck's annual depreciation expense is $6,000. What is the truck's useful life? 6 years 8 years O 5 years O 4 years 7 years

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Please do not give solution in image format thanku

A company uses straight-line depreciation. It purchased a truck for $40,000. The truck's salvage
value is $10,000. The truck's annual depreciation expense is $6,000. What is the truck's useful
life?
O 6 years
O 8 years
5 years
4 years
7 years

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Step 1: Recognize the meaning of depreciation in a straight line.

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Step 2: Determine the useful life using the provided data.

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Knowledge Booster

Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation

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