HIJ Inc. Purchases a truck for $32,000 on January 1st, 2019. The vehicle is estimated to have a useful life of 15 years, at which point it will have a residual value of $2,000. HIJ Inc. Uses the straight-line method to account for depreciation. What is the accumulated depreciation and book value respectively in 8 years? Select one:

#See solution and attached for details

Step-by-step explanation:

Straight line method assumes a gradual depreciation in value of an asset's useful life.

-It's calculated by dividing the difference between an asset's cost and its expected salvage value by the number of years it is expected to be used.

From our calculation, depreciation is $2,000 per year

Accumulated depreciation=8*2000=$16,000

First, divide 48 in half

48/2 = 24

Then take 2 away from 24

24-2 = 22

Now add the 2 to the other 24

24+2 = 26

Divide 22 and 26 in half

26/2 = 13 (the length of one side)  22/2 = 11 (the width of one side)

Get the area of the painting using a=lw

13*11 = 143

Now, save that area for later and find the length and width of the frame by adding three to both numbers

13+3 = 16 
11+3 = 14

Get the area of 16 and 14

16*14 = 224

Finally, subtract 143 from 224

224 - 143 = 81

81 is the area of the frame

I hope this helps you!