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Kamila [148]
2 years ago
6

A truck was purchased for $180,000 and it was estimated to have a $36,000 salvage value at the end of its useful life. Monthly d

epreciation expense of $3,000 was recorded using the straight-line method. The annual depreciation rate is Group of answer choices
Business
1 answer:
Nezavi [6.7K]2 years ago
7 0

Answer:

the annual depreciation rate is 25%

Explanation:

The computation of the depreciation rate is shown below:

= Yearly depreciation ÷ (Purchased cost - salvage value)

= ($3,000 × 12 months) ÷ ($180,000 - $36,000)

= $36,000 ÷ $144,000

= 25%

Hence, the annual depreciation rate is 25%

we simply applied the above formula

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