What is the depreciation expense for the first year straight-line method using the following? $$\begin{array} { | l | c | }
\hline \text { Cost of Car } & \$ 26,000 \
\hline \text { Residual Value } & \$ 6,000 \
\hline \text { Life } & 5 \text { years } \
\hline
\end{array}$$
A)$4,400
B)$5,200
C)$4,000
D)$6,000
E)None of these

Question

What is the depreciation expense for the first year straight-line method using the following? $$\begin{array} { | l | c | } 
\hline \text { Cost of Car } & \$ 26,000 \
\hline \text { Residual Value } & \$ 6,000 \
\hline \text { Life } & 5 \text { years } \
\hline
\end{array}$$
A)$4,400
B)$5,200
C)$4,000
D)$6,000
E)None of these

Quizplus · Accepted Answer

To calculate depreciation expense under the straight-line method, we need to know the asset's cost, salvage value, and useful life. However, none of these values are given in the question. Therefore, we cannot calculate the depreciation expense using straight-line method. The answer is E) None of these.

What Is the Depreciation Expense for the First Year Straight-Line