ABC Co purchased equipment costing $6,000. The useful life of the equipment is 5 years and there is no salvage value. ABC uses the straight-line depreciation method. What is the monthly depreciation expense?

2. ABC Co purchased equipment costing $6,000. The useful life of the equipment is 5 years and there is no salvage value. ABC uses the straight-line depreciation method. After the first depreciation expense journal entry, what is book value of the equipment?