Question: Lee Ring amortizes his truck by the straight-line method. Calculate the yearly amortization expense given the following: Cost.. $7,000 Residual value... $2,000 Estimate of useful

Lee Ring amortizes his truck by the straight-line method. Calculate the yearly amortization expense given the following:
Cost…………………………………….. $7,000
Residual value…………………………... $2,000
Estimate of useful life…………………...5 years

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