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  3. on july 1, 2017, we purchased a truck for $60,000.

On July 1, 2017, we purchased a truck for $60,000. The truck has a useful...

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Question

Accounting

On July 1, 2017, we purchased a truck for $60,000. The truck has a useful life of 5 years and a residual value of $5,000. The truck is depreciated using the straight-line method. What is the depreciation expense for 2017?

$12,000

$11,000

$5,500

$1,000

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