A Company Purchased a New Truck at a Cost of $42,000

Multiple Choice

A company purchased a new truck at a cost of $42,000 on July 1,2014.The truck is estimated to have a useful life of 6 years and a salvage value of $3,000.Using the straight- line method,how much depreciation expense will be recorded for the truck for the year ended December 31,2014?

A) $3,250
B) $3,500
C) $4,000
D) $6,500
E) $7,000