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A company purchased a delivery van for $28,000 with a salvage value of $3,000 on October 1. Year 1. It has an estimated useful life of 5 years. Using the straight-line method, how much depreciation expense should the company recognize on December 31, Year 1? Multiple Choice $5,000. R $1,250. $1,400 $417 $2,067 On December 1, Watson Enterprises signed a $24,000, 60-day, 4% note payable as replacement of an account payable with Erikson Company. What is the journal entry that should be recorded by Watson Enterprises upon signing the note? Multiple Choice O Debit Accounts Receivable $24,000, credit Notes Receivable $24,000. Debit Accounts Payable $24,000 credit Notes Payable $24,000 Debit Accounts Payable $24,160, credit Notes Payable $24160 Debit Notes Payable $24,000: debit interest Expense $160, credit Accounts Payable $24.160 O Debit Accounts Receivable $24,000; credit Notes Receivable $24,000. O Debit Accounts Payable $24,000: credit Notes Payable $24,000. Debit Accounts Payable $24,160; credit Notes Payable $24,160. Debit Notes Payable $24,000: debit Interest Expense $160, credit Accounts Payable $24.160. O Debit Notes Payable $24,000, debit Interest Expense $160; credit Cash $24,160