On January 1,Year 1,Parker Company Purchased an Asset Costing $20,000

question 64

Multiple Choice

On January 1,Year 1,Parker Company purchased an asset costing $20,000.The asset had an expected five-year life and a $2,000 salvage value.The company uses the straight-line method.What are the amounts of depreciation expense and accumulated depreciation,respectively,that will be reported in the Year 2 financial statements?

• A)$3,600 and $3,600
• B)$3,600 and $7,200
• C)$4,000 and $12,800
• D)$4,000 and $7,200

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