____ 3. Colaw Supply bought equipment at a cost of $72,000 on January 2, 2000. It originally had an estimated life of ten years and a salvage value of $12,000. Colaw uses the straight-line depreciation method. On December 31, 2003, Colaw decided the useful life likely would end on December 31, 2007, with a salvage value of $6,000. The depreciation expense recorded on December 31, 2003, should be
A. $6,000.
B. $6,600.
C. $9,600.
D. $13,200.
Answer:C
____ 3. Colaw Supply bought equipment at a cost of $72,000 on January 2, 2000. It originally had an estimated life of ten years and a salvage value of $12,000. Colaw uses the straight-line depreciation method. On December 31, 2003, Colaw decided the useful life likely would end on December 31, 2007, with a salvage value of $6,000. The depreciation expense recorded on December 31, 2003, should be
A. $6,000. B. $6,600. C. $9,600. D. $13,200.