A company purchased a new truck at a cost of $42,000 on July 1, 2004. The truck is estimated to have a useful life of 6 years and a salvage value of $3,000. Which of the following will be included in the journal entry recorded on December 31, 2004?
A) Debit Depreciation Expense $3,500.
B) Credit Accumulated Depreciation $3,250.
C) Debit Depreciation Expense $4,000.
D) Credit Accumulated Depreciation $6,500.
E) Debit Depreciation Expense $7,000.
Ans: B) Credit Accumulated Depreciation $3,250.
Business
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