Calculating and Journalizing Depreciation

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.

Required:

Calculate the depreciation expense for Johnson Machine as of December $31,20--.$

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Straight$-$line method: $($Cost $-$ Salvage Value$)\frac{?}{?}$ Years of Life $=$ Depreciation Expense

Adjust Depreciation Expense for the number of months used during the year.

Prepare the entry for depreciation expense using a general journal.

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