ACC1020 Module 3 Problems eBook ?.alculato1 Instructions Calculations General Journal Instructions lating and Journalizing Depreciation Calculate the depreciation expense for Johnson Machine as of December 31, 20- Prepare the entry for depreciation expense using a general journal. If an amount box does not require an entry, leave it blank. Equipment records for Johnson Machine Co. for the year follow. Johnson Machine uses the straight-line method of depreciation. In the case of ssets acquired by the fifteenth day of the month, depreciation should be computed for the entire month. In the case of assets acquired after e fifteenth day of the month, no depreciation should be considered for the month in which the asset was acquired Purchase Price $20,070 22,360 16,660 12,960 40,130 Salvage Date Asset Useful Life Value Purchased Truck #1 Truck #2 Tractor #1 Tractor #2 Forklift 8 years $4,150 January 1 4,120 April 10 3,160 May 1 2,100 June 18 3,830 September 1 6 10