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A New Vehicle Was Purchased on January 1 for $38,000

Question 15

Multiple Choice

A new vehicle was purchased on January 1 for $38,000.It has a salvage value of $7,000 and a useful life of 5 years.To the nearest dollar,how much will the depreciation expense for the vehicle be for the first year using the straight-line method?


A) $6,200
B) $633
C) $7,600
D) $517

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