A business buys an asset to be depreciated using straight-line depreciation They record partial year depreciation based upon the number of months the asset is in service. Machine (cost) Estimated Residual Value Useful Life (years) Number of months in Service They should record the following journal entry for the first year: Depreciation expense Accumulated Depreciation $3.788 $3,788 Depreciation expense $3,333 Accumulated Depreciation $3,333 Accumulated Depreciation $3.333 Depreciation Expense $3,333 Depreciation expense $10,000 Accumulated Depreciation $10,000 DATA $125,000 $15,000 11