Gardner Corporation purchased a truck at the beginning of 2015 for $75,000. The truck is estimated to have a residual value of $3,000 and a useful life of 120,000 miles. It was driven 18,000 miles in 2015 and 32,000 miles in 2016. What is the depreciation expense for 2016? Select one: a. $32,000 b. $53,333 C. $19,200 d. $20,000 Previous page Next page Return to: General -- Fences and parking lots are reported on the statement of financial position as Select one: a. current assets. b. land. C. property and equipment. d. land improvements. Previous page Next page Return to: General > Which of the following non-monetary exchange transactions has commercial substance? Select one: a. Exchange of assets with a difference in future cash flows. O b. Exchange of an equivalent interest in similar productive assets that causes the companies involved to remain in essentially the same economic position. c. Exchange of assets with no difference in future cash flows. d. Exchange of products by companies in the same line of business with no difference in future cash flows. Previous page Next page Return to: General >