Question: hello, may I get some help please 7. Royal Company purchased a dump truck at the beginning of 2012 at a cost of $60,000. The

hello, may I get some help please

7. Royal Company purchased a dump truck at the beginning of 2012 at a cost of $60,000. The truck had an estimated life of 6 years and an estimated residual value of $24,000. On January 1, 2014, the company made major repairs of $20,000 to the truck that extended the life 1 year. Thus, starting with 2014 , the truck has a remaining life of 5 years and a new salvage value of $8,000. Royal uses the straight-line depreciation method What amount should be recorded as depreciation expense each year starting in 2014? $12,000

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