FL Business & Finance Practice Questions - Florida Construction Business And Finance Examination Exam

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A contractor purchases a forklift for $40,000 with a 5-year useful life and $5,000 salvage value. Using straight-line depreciation, what is the annual depreciation expense?

$$6,000 $$7,000 $$8,000 $$10,000

Correct Answer:

$$7,000

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