When originally purchased, a vehicle costing $24,120 had an estimated useful life of 8 years and an estimated salvage value of $2,200. After 4 years of straight- line depreciation, the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals: $5,480.00 $2,908.00. $2.740.00 $10.960.00 $5,648.00. Torino Company has 2.300 shares of $20 par value, 7.5% cumulative and nonparticipating preferred stock and 23,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $3,000 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is: Multiple Choice $3.450. The following data were reported by a corporation: Authorized shares Issued shares Treasury shares 29,000 24,000 8,000 The number of outstanding shares is: o o 29,000. o 21,000. o 24,000. o 16,000