A company purchased a truck for $35,000 on January 1, Year 1. The truck is estimated to
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A company purchased a truck for $35,000 on January 1, Year 1. The truck is estimated to have a useful life of four years and a salvage value of $1,000. Assuming that the company uses straight line depreciation, what is depreciation expense for the year ended December 31, Year 2?
a. $8,750
b. $17,500
c. $8,500
d. $17,000
e. $25,500
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