A depreciable asset with an estimated useful life of 6 years and a residual value of $1,000 is purchased on April 12 for $4,600 . The purchasing company's fiscal year ends on August 31 . How much depreciation is recorded for the first year using the straight-line method?
a. $250.00
b. $200.00
c. $319.44
d. None of these are correct.
a
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