On July 9, 2019, a truck was purchased for $27,000 with a $2,000 salvage value, is expected to last five years & 40,000 miles. Use partial year convention (nearest month) to depreciate fractional periods. Note: you may not require all the given information to solve.

Straight line depreciation expense for 2019 will be:

250

cost -salvage life/useful life in periods

27,000-2,000/5x6/12

=5x.5

=250