ABC Company purchased a Crane on 7-1-2014 for $50,000 The Crane has a residual value of $10,000 and is expected to last. 4 years. What is the journal entry to record depreciation expense on 12-31-14 and 12-3.-15 using Straight Line Depreciation? ABC Company purchased a Tractor on 1-1-2015 for $120,000 The Tractor has a residual value of $10,000 and ,s expected to last 4 years. How much depreciation should be taken for each of the four years us.ng double declining balance depreciation? ABC has decided to write off XYZ's A/R $10,000 on July 1, 2014. XYZ pays its bill in full on March 1 st 2015 What are the THREE journal entries that would be made. HINT One on 7-1-14 and Two on 3-1-15