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Problem - Equipment records for Johnson Machine Co. for the year follow. Johnson Machine uses the straight-line method of depreciation. In the case of assets acquired by the fifteenth day of the month, depreciation should be computed for the entire month. In the case of assets acquired after the fifteenth day of the month, no depreciation should be considered for the month in which the asset was acquired.
Asset
Purchase Price
Useful Life
Salvage Value
Date Purchased
Truck #1
$20,000
8 years
$4,000
January 1
Truck #2
24,000
8
4,000
April 10
Tractor #1
18,000
5
3,000
May 1
Tractor #2
14,000
6
2,000
June 18
Forklift
40,000
10
September 1
Required -
1. Calculate the depreciation expense for Johnson Machine as of December 31, 20--.
2. Prepare the entry for depreciation expense using a general journal.
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