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On January 1, Year 1, Wolly Company purchased a truck that cost $70,000. The truck had an expected useful life of 200,000 miles over 8 years and a $6000 salvage value. During Year 2, Wolly drove the truck 30,000 miles. The amount of depreciation expense recognized in Year 2 assuming that Wolly uses the units-of-production method is: Select one: O A. $9600 O B. $11,000 O C. $30,000 O D. $6800

On January 1, Year 1, Wolly Company purchased a truck that cost $70,000. The truck had an expected useful life of 200,000 miles over 8 years and a $6000 salvage value. During Year 2, Wolly drove the truck 30,000 miles. The amount of depreciation expense recognized in Year 2 assuming that Wolly uses the units-of-production method is: Select one: O A. $9600 O B. $11,000 O C. $30,000 O D. $6800

FINANCIAL ACCOUNTING
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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On January 1, Year 1, Wolly Company purchased a truck that cost $70,000. The truck had an expected useful life of 200,000 miles over 8 years and a $6000 salvage value. During Year 2, Wolly drove the truck 30,000 miles. The amount of depreciation expense recognized in Year 2 assuming that Wolly uses the units-of-production method is: Select one: O A. $9600 O B. $11,000 O C. $30,000 O D. $6800
Transcribed Image Text:On January 1, Year 1, Wolly Company purchased a truck that cost $70,000. The truck had an expected useful life of 200,000 miles over 8 years and a $6000 salvage value. During Year 2, Wolly drove the truck 30,000 miles. The amount of depreciation expense recognized in Year 2 assuming that Wolly uses the units-of-production method is: Select one: O A. $9600 O B. $11,000 O C. $30,000 O D. $6800
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