On March 1, 2015, Arthur Company purchases a truck for $ 15,000 with an estimated useful life of 5 years and no salvage value. On December 31, 2017, the company retires the truck. The company uses the straight-line method and prepares yearly financial statements on December 31.

Depreciation expense for the year 2015 is: *

$ 3,000

$ 2,500

$ 15,000

$ 12,000

None of the above

Depreciation expense for the year 2017 is: *

$ 3,000

$ 2,500

$ 15,000

$ 5,500

Accumulated depreciation at December 31, 2017 is: *

$ 3,000

$ 9,000

$ 8,500

$ 6,000

Option 5

On December 31, 2017, the company incurred: *

Loss on disposal for $ 6,000

Loss on disposal for $ 6,500

Gain on disposal for $ 6,500

Neither gain nor loss

None of the above