A truck was purchased for $120,000 and it was estimated to have a $24,000 salvage value at the end of its useful life. Monthly depreciation expense of $2,000 was recorded using the straight-line method. The annual depreciation rate is
A) 20%.
B) 2%.
C) 8%.
D) 25%.

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The Answer of A truck was purchased for $120,000 and it was estimated to have a $24,000 salvage value at the end of its useful life. Monthly depreciation expense of $2,000 was recorded using the straight-line method. The annual depreciation rate is
A) 20%.
B) 2%.
C) 8%.
D) 25%.

A Truck Was Purchased for $120,000 and It Was Estimated