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Consider the following facts: Company A purchased a truck for $120,000 and it was estimated...

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Accounting

Consider the following facts: Company A purchased a truck for $120,000 and it was estimated to have a $24,000 salvage value at the end of its useful life. Monthly depreciation expense of $2,000 was recorded using the straight-line method. The annual depreciation rate is

a. 2%

b. None of these answers are correct

c. 25%

d. 20%

e.8%

Answer & Explanation Solved by verified expert
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