Futronics purchased a truck at the beginning of 2019 for $41,500 and decided to depreciate it over a 6-year period using the straight-line method. The estimated residual value was $5,500. At the beginning of 2020, the company determined that a 4-year life should have been used to depreciate the truck. The estimated residual value was not affected by the revision in the asset's life.
A)Determine the amounts to be recorded as depreciation expense for 2019 and 2020.
B)What factors may have influenced the change in useful life?

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The Answer of Futronics purchased a truck at the beginning of 2019 for $41,500 and decided to depreciate it over a 6-year period using the straight-line method. The estimated residual value was $5,500. At the beginning of 2020, the company determined that a 4-year life should have been used to depreciate the truck. The estimated residual value was not affected by the revision in the asset's life.
A)Determine the amounts to be recorded as depreciation expense for 2019 and 2020.
B)What factors may have influenced the change in useful life?

Futronics Purchased a Truck at the Beginning of 2019 for $41,500