What is the journal entry for depreciation for month of july

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Problem 1: On July 1, 2021, Rodger Construction Co. bought a new concrete mixer. The mixer cost $54,000. The expected life is 16 years with a salvage value of $1,000. What is the journal entry for depreciation for the month of July assuming straight-line depreciation?

Option 1: Debit: Accumulated Depreciation, $3,312.50; Credit: Depreciation expense, $3,312.50
Option 2: Debit: Depreciation Expense, $3,312.50; Credit: Accumulated Depreciation, $3,312.50
Option 3: Debit: Depreciation Expense, $276.04; Credit: Accumulated Depreciation, $276.04
Option 4: Debit: Accumulated Depreciation, $276.04; Credit: Depreciation expense, $276.04

Reference no: EM132936431

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