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Create the journal entry to record depreciation expense

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Reference no: EM132670917

Straight-Line Depreciation

Irons Delivery Inc. purchased a new delivery truck for $42,000 on January 1, 2019. The truck is expected to have a $2,000 residual value at the end of its 5-year useful life. Irons uses the straight-line method of depreciation.

Required:

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

Reference no: EM132670917

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