KHS&R's Construction bought a truck on 1/1/at a cost of $38,000, an estimated salvage (residual) value of $7,000, and an estimated useful life of 4 years

Accounting Nov 29, 2020

KHS&R's Construction bought a truck on 1/1/at a cost of $38,000, an estimated salvage (residual) value of $7,000, and an estimated useful life of 4 years. The truck is being depreciated on a straight line basis. At the end of year 2. what amount will be reported for accumulated depreciation? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24.123, you would only input: 24123

Expert Solution

Depreciation each year under straight line method=(original cost-salvage)/useful life=(38000-7000)/4=7750

Accumulated Depreciation at the end of 2 years=7750*2=15500

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