1)

Sheridan Company purchased a truck at the beginning of 2017 for $108600. The truck is estimated to have a salvage value of $4100 and a useful life of 110000 miles. It was driven 23000 miles in 2017 and 31000 miles in 2018. What is the depreciation expense for 2017?

a. $51300

b. $21850

c. $29450

d. $23565

2) A plant asset has a cost of $39900 and a salvage value of $10500. The asset has a three-year life. If depreciation in the third year amounted to $4900, which depreciation method was used?

a.

Sum-of-the-years'-digits

b. Straight-line

c. Declining-balance

d. Cannot tell from information given