On October 1, 2019, Illini Company purchased a truck for $42,000. The truck is expected to have a salvage value of $3,000 at the end of its 3-year useful life. If the company uses the straight-line method, the depreciation expense recorded during the year ending December 31, 2019, will be: $3,250 $13,000 $29,000 $38,250

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Question:

On October 1, 2019, Illini Company purchased a truck for $42,000. The truck is expected to have a salvage value of $3,000 at the end of its 3-year useful life. If the company uses the straight-line method, the depreciation expense recorded during the year ending December 31, 2019, will be: $3,250 $13,000 $29,000 $38,250

Answers

Answer:$3250Explanation:Given thatPurchase price = 42000Salvage value = 3000Useful life = 3 yearsRecall that using straight line methodDepreciation value per year = (purchase price - salvage value) ÷ useful lifeThus,= 42000 - 3000 ÷ 3= 39000 ÷ 3= $13000.By December 31, 2019, only 3 month of usage has gone Thus, value of depreciation by Dec 31= 3/12 × 13000= 0.25 × 13000= $3250Depreciation value recorded by year end is $3250

Answer: $3250Explanation:The straight line Depreciation formula is given by;(Cost - salvage value) ÷ Number of useful yearsCost = $42,000Salvage value = $3000Nunver of useful years = 3Depreciation = (Cost - salvage value) ÷ Number of useful yearsDepreciation = ($42,000 - $3000) ÷ 3Depreciation = $39,000 ÷ 3Depreciation = $13,000Depreciation between (October 1 —31 December) (3÷12) × 130000.25 × 13000$3,250

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