A machine with a cost of $20,000, a salvage value of $8,000 and an expected life of 15 years was purchased on September 1. For a calendar year company, the journal entry to record depreciation expense for the first year using the straight-line method would be to

debit Depreciation Expense, $333; credit Accumulated Depreciation, $333.

debit Depreciation Expense, $267; credit Accumulated Depreciation, $267.

debit Depreciation Expense, $200; credit Accumulated Depreciation, $200.

debit Depreciation Expense, $67; credit Accumulated Depreciation, $67.

3 of 25 3&C Inc. has the following LIFO perpetual inventory records: . ofGoodsSold Inventoryon Hand _-_..,... m... __.... The current replacement cost of the ending inventory is $2,400. To apply the lower-of-coet-or-merltet rule, the journal entry would be (:3 debit Inventor}.r $300. credit Cost of Goods Sold $800. Q Debit Cost of Goods Sold $800, credit Inventory $800. (j) Debit Cost of Goods Sold $900, credit Inventory $900. (3 debit Inventor}.r $900. credit Cost of Goods Sold $900