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Question
brevard corporation purchased a taxicab on january 1, 2011 for $34,000 to use for its shuttle business. the cab is expected to have a five-year useful life and no salvage value. during 2012, it retouched the cab's paint at a cost of $1,600, replaced the transmission for $4,000 (which extended its life by an additional 2 years), and tuned-up the motor for $200. if brevard corporation uses straight-line depreciation, what annual depreciation will brevard report for 2012?
a.$6,800
b.$5,200
c.$5,500
d.$5,467
Answer
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