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Brief Exercise 9.5 (Static) Straight-Line and Units-of-Output Depreciation (LO9-3, LO9-4) Finx, Inc., purchased a truck for $40,000. The truck is expected to be driven 15,000
Brief Exercise 9.5 (Static) Straight-Line and Units-of-Output Depreciation (LO9-3, LO9-4) Finx, Inc., purchased a truck for $40,000. The truck is expected to be driven 15,000 miles per year over a 5 -year period and then sold for approximately $5,000. Determine depreciation for the first year of the truck's useful life by the straight-line and units-of-output methods if the truck is actually driven 16,000 miles. (Round your intermediate calculations to 2 decimal places.)
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