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CFA Level 1 Exam

3959 Questions

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Question No. 1

Patterson Company has the following information of one of its vehicles purchased on January 1, 1992:
Vehicle cost $50,000
Useful life, years, estimated 5
Useful life, miles, estimated 100,000
Salvage value, estimated $10,000
Actual miles driven:
1992 30,000
1993 10,000
1994 15,000
1995 25,000
1996 12,000
No estimates were changed during the life of the asset. The 1994 depreciation expense using the sum-of-
years'-digits (SYD) method was ________.
Choose the correct option from the given list.
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