Of course you can figure it out. Doing anything this weekend? I'll give you the answer if you'll go out with me on Saturday night.

If you're only given the cost of the asset, the residual value, and the monthly depreciation expense?

This is the question:

A truck was purchased for ￥120,000 and it was estimated to have a ￥24,000 residual value at the end of its useful life. Monthly depreciation expense of ￥2,000 was recorded using the straight-line method. The annual depreciation rate is

a. 20%.

b. 2%.

c. 8%.

d. 25%.

Can you please explain to me how you calculate this?

Would really appreciate it.

Thank you