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Evelyn Corporation purchased a delivery truck on June 10th of 2020 for $100,000 which will...

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Accounting

Evelyn Corporation purchased a delivery truck on June 10th of 2020 for $100,000 which will be depreciated using the straight-line method. The truck is estimated to have a scrap value of $4,000 and a useful life of 8 years. The company uses a simplifying assumption that all assets are placed in service on the first day of the month in which they were actually placed into service. What is the depreciation expense for 2020?
A) $5,000
B) $7,000
C) $7,292
D) $12,000
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