An asset was purchased for $120,000 on January 1, Year 1 and was estimated to have a useful life of 10 years with a residual value of $10,000o. What is the end of year journal entry under straight line depreciation? Dr.Accumulated Depreciation $12,000; Cr. Depreciation expense $12,000 Dr.Accumulated Depreciation $11.000; Cr. Depreciation expense $11.000 ODr. Depreciation expense $12.000: Cr. Accumulated Depreciation $12,000 Dr. Depreciation expense $11.000; Cr. Accumulated Depreciation $11,000