Multiple Choice
On November 1, 2021, Lovett Company places a new asset into service.The cost of the asset is $90,000 with an estimated 5-year life and $10,000 salvage value at the end of its useful life.What is the depreciation expense for 2022 if Lovett Company uses the straight-line method of depreciation?
A) $4,000
B) $16,000
C) $2,667
D) $9,000
Correct Answer:
Verified
Correct Answer:
Verified
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