Business, 17.04.2020 02:11 hannaharsena

On January 1, Year 1, Marino Moving Company paid $48,000 cash to purchase a truck. The truck was expected to have a four-year useful life and an $8,000 salvage value. Marino uses the straight-line method. On January 1, Year 3, Marino’s accounting records contained the balances shown in the following financial statements mode. Balance sheetIncome StatementCash FlowStatementAssets= Cash+Truck−Acc. Dep.=Liab.+EquityRev.−Exp.=Net Inc.25,000+48,000−20,000=NA+53,000N A−NA=NANA Also, on January 1, Year 3 the company paid $10,000 to replace an engine that extended the useful life of the asset from a total of four years to a total of seven years. Based on this information, the balance in the amount of depreciation expense shown on the Year 3 income statement is:

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On January 1, Year 1, Marino Moving Company paid $48,000 cash to purchase a truck. The truck was exp...

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