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A truck costs $8,000 with a residual value of $1,000. The truck is expected to have a useful life of 70,000 miles. Assuming the truck is driven 15,000 miles the first year, the depreciation expense would be

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Based on the cost of the truck, the residual value, and the useful life, the depreciation expense for the first year would be $1,500.

What is the depreciation expense?

This can be found by the formula:

= Miles driven in first year / Useful life x (Cost - residual value)

Solving gives:

= 15,000 / 70,000 x (8,000 - 1,000)

= $1,500

Find out more on depreciation at https://brainly.com/question/1287985.

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