Question
On 1/1/09, AW Consulting Inc. bought a truck for $60,000. The estimated residual value of the truck was $10,000 and the estimated life was ten
On 1/1/09, AW Consulting Inc. bought a truck for $60,000. The estimated residual value of the truck was $10,000 and the estimated life was ten years. AW Consulting uses the straight line depreciation method when depreciating its vehicles. During January 2012, after the 2011 financial statements were already published and after careful analysis and consideration, AW realized that they should have depreciated the truck over a period of 14 years. Assuming AW accounts for the January event correctly, how much should AW have in depreciation expense for this truck for the period of
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