Depreciated for three years using the straight-line method

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Reference no: EM13963514

A truck costing $45,000 and having an estimated salvage value of $4,500 and an original life of five years is exchanged for a new truck. The cash price of the new truck is $57,000, and a trade-in allowance of $22,500 is received. The old truck has been depreciated for three years using the straight-line method. The new truck would be recorded at:

A 55,200

B 57,000

C 34,500

D 43,200

E None of the above.

Reference no: EM13963514

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