Brief Exercise 7-13 (Algo) Change in depreciation estimate (LO7-4) Omaha Beef Company purchased a delivery truck...

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Brief Exercise 7-13 (Algo) Change in depreciation estimate (LO7-4) Omaha Beef Company purchased a delivery truck for $60,000. The residual value at the end of an estimated eight-year service life is expected to be $12,000. The company uses straight-line depreciation for the first six years. In the seventh year, the company now believes the truck will be useful for a total of 10 years (four more years), and the residual value will remain at $12,000. Calculate depreciation expense for the seventh year. Depreciation expense Brief Exercise 7-13 (Algo) Change in depreciation estimate (LO7-4) Omaha Beef Company purchased a delivery truck for $60,000. The residual value at the end of an estimated eight-year service life is expected to be $12,000. The company uses straight-line depreciation for the first six years. In the seventh year, the company now believes the truck will be useful for a total of 10 years (four more years), and the residual value will remain at $12,000. Calculate depreciation expense for the seventh year. Depreciation expense