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What is the amount of depreciation expense recognized

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Reference no: EM132819134

Problem 1: On January 1, Year 1, Wooly Company purchased a truck that cost $64,000. The truck had an expected useful life of $120,000 miles over 8 years and a $4,000 salvage value. During Year 2. Woolly drove the truck 20,000 miles. Woolly uses the units-of-production method. What is the amount of depreciation expense recognized in Year 2?

A. $8,000

B. $10,000

C. $11,000

D. $20,000

Reference no: EM132819134

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