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 fitteenth day of the month, no depreciation should be considered for the month in which the asset was acquired. Required: 1. Calcutate the depreciation expense for Johinson Machine as of December 31,20 . Check My Work Straight-line method: (Cost - Salvage Value) / Years of Life = Depreciation Expense Adjust Depreciation Expense for the number of months used during the year. 2. Prepare the entry for depreciation expense using a general journal