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A company purchased a tow truck for $180,000 on January 1, 2020. At January 1,...

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Accounting

A company purchased a tow truck for $180,000 on January 1, 2020. At January 1, 2022 it had accumulated depreciation of $28,800. On January 1, 2022, the company decided to change the remaining estimated life to four years and the salvage value to $5,000. What is the depreciation expense for 2022?

  1. $18,000
  2. $14,400
  3. $45,000
  4. $36,550

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