Cornerstone Exercise 7-19 (Algorithmic) Straight-Line Depreciation Irons Delivery Inc. purchased a new delivery truck for $42,000 on January 1, 2019. The truck is expected to have a $2,050 residual value at the end of its 5-year useful life. Irons uses the straight-line method of depreciation. Required: Prepare the journal entry to record depreciation expense for 2019 and 2020. 2019 Dec. 31 (Record straight-line depreciation expense) 2020 Dec. 31 (Record straight-line depreciation expense)