A company purchased a plant asset for $60,000. The asset has an estimated salvage value of $4,000, and an estimated useful life of 7 years. The annual depreciation expense using the straight-line method is $4,000 per year.
Answer the following statement true (T) or false (F)
False
Depreciation Expense = (Cost ? Salvage Value)/Estimated Useful Life Depreciation Expense = ($60,000 ? $4,000)/7; Depreciation Expense = $8,000
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What will be an ideal response?
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