On September 1, Emil Rovey purchased a vehicle for $57,500 with a residual value of $7,500. The estimated useful life is 5 years and the company uses the straight-line method. What is the depreciation expense for the year ended December 31?
A. $2,500
B. $3,333
C. $10,000
D. $3,833
Answer: B
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Contingent assets may be disclosed in the notes if probable and reasonably estimable
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For the revenue cycle, state two specific independent verifications that should be performed
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Indicate whether the statement is true or false