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A company purchased a tractor on January 1, 2021, for $65,000. The tractor's useful life...

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Accounting

A company purchased a tractor on January 1, 2021, for $65,000. The tractor's useful life is estimated to be 30,000 miles with an expected residual value of $5,000. If the company used the tractor 5,000 miles in 2021 and 3,000 miles in 2022, what is the balance for accumulated depreciation at the end of 2022 using the activity-based method? Multiple Choice $6,000. $16,000. $38,000. $10,000.

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