Calculating and Journalizing Depreciation 1. Calculate the depreciation expense for Johnson Machine as of December 31, 20--. 2. 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 assets acquired by the fifteenth day of the month, depreciation should be computed for the entire month. In the case of assets acquired after he fifteenth day of the month, no depreciation should be considered for the month in which the asset was acquired Purchase Price $20,000 24,000 18,000 14,000 40,000 Salvage Date Asset Useful Life Value Purchased Truck #1 Truck #2 Tractor #1 Tractor #2 Forklift 8 years $4,000 January 1 4,000 April 10 3,000 May 1 2,000 June 18 4,000 Stber 1 10