1. Smith Goods purchased a truck on 1/1/2019 for its operations. The truck will be depreciated on its balance sheet on an annual basis. The purchase price of the truck was $30,000, the useful life is 6 years and the truck's salvage value is expected to be $12,000. What is the annual depreciation expense that Smith Goods will record for the truck on 12/31/2019?

$12,000

$3,000

$1,500

$250