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