On October 1, 2022, Crane Company places a new asset into service. The cost of the asset is $118000 with an estimated 5-year life and $22000 salvage value at the end of its useful life. What is the depreciation expense for 2022 if Crane Company uses the straight-line method of depreciation?

$4800.

$11800.

$23600.

$5900.

Answer rating: 100% (QA)

Solution Depreciation expense for 2022 4800 Explanation Depreciation expense per year un... View the full answer