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On January 1, 2017, we purchased a truck for $60,000. The truck has a useful life of 5 years and a residual value of $5,000.

On January 1, 2017, we purchased a truck for $60,000. The truck has a useful life of 5 years and a residual value of $5,000. The truck is depreciated using the straight-line method. What is the book value after the adjusting entry for 2017?

Group of answer choices

$49,000

$55,000

$48,000

$43,000

$42,000

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