Calculating and Journalizing Depreciation 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 the fifteenth day of the month, no depreciation should be considered for the month in which the asset was acquired. Purchase Asset Price Useful Life Salvage Value Date Purchased Truck #1 $18,690 8 years $4,130 January 11 Truck #2 24,490 8 4,170 April 10 Tractor #1 18,270 5 2,970 May 1 Tractor #2 13,890 6 2,010 June 18 Forklift 40,490 10 3,890 September 1 Required: 1. Calculate the depreciation expense for Johnson Machine as of December 31, 20- 2. Prepare the entry for depreciation expense using a general journal. Page: 1 ACCOUNT TITLE DATE 20-- 1 Depreciation Expense-Equipment Dec. 31 2 Accumulated Depreciation-Equipment 3 DOC. POST. NO. REF. DEBIT CREDIT 1 2 3