A machine with a salvage value of $2,000 and a cost of $40,000 was purchased on January 1, 2012. What is the depreciation expense for 2012 if the company uses straight-line depreciation for 10 years?
A) $40,000
B) $38,000
C) $4,000
D) $3,800
D) $3,800
Explanation: [cost - salvage value]/useful life = annual depreciation. Ex: [$40,000 - $2,000]/10 = $3,800.
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Fill in the blank(s) with the appropriate word(s).