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Popular Company utilizes a calendar year as its fiscal year and depreciates plant assets using the straight-line method. On January 2nd, 2018, the company purchased
Popular Company utilizes a calendar year as its fiscal year and depreciates plant assets using the straight-line method. On January 2nd, 2018, the company purchased a delivery truck for $28,000 with a useful life of five years and an estimated salvage value of $3,000. On January 1st, 2022, the company decides to extend the useful life to seven years while decreasing the estimated salvage value to $2,000. What amount will Popular report as depreciation expense for the year ended December 31st, 2022? O $1,200 O $1,867 O $2,000 O $2,667
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