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Prepare the journal entry to record depreciation expense

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Reference no: EM132670742

Irons deliver inc purchased a new delivery truck for 42,000 on 01/01/19. The truck is expected to have a 2000 residual value at the end of the its 5 year useful life. Irons uses the straight line method of depreciation.

Problem 1: Prepare the journal entry to record depreciation expense for 2019 and 2020

2019

  • Depreciation expense
  • Accumulated depreciation

2020

  • Depreciation expense
  • Accumulated depreciation

Reference no: EM132670742

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