On January 1, 2019, Rowley Company purchased a truck that cost $55,000. The truck had an expected useful life of 5 years and a $5,000 salvage value. The amount of depreciation expense on the 2019 Income Statement assuming that Rowley uses the straight line method is:

Group of answer choices

$10,000

$11,000

$5,000

None of these

2.

On January 1, 2018, Rowley Company purchased a truck that cost $50,000. The truck had an expected useful life of 5 years and no salvage value so the depreciable cost is $50,000. The amount of accumulated depreciation on the 2019 Balance Sheet is:

Group of answer choices

$10,000

$20,000

$30,000

$50,000