Gardner Corporation purchased a truck at the beginning of 2019 for $90,000. The truck is estimated to have a salvage value of $3,000 and a useful life of 120,000 miles. It was driven 18,000 miles in 2019 and 32,000 miles in 2020.
What is the book value of the truck on December 31, 2020?
A) $55,800
B) $42,000
C) $53,750
D) $30,000
Correct Answer:
Verified
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