Cornerstone Exercise 7-19 Straight-Line Depreciation Irons Delivery Inc. purchased a new delivery truck for $45,000 on January 1, 2018. The truck is expected to have a $3,000 residual value at the end of its five-year useful life. Irons uses the straight-line method of depreciation. Required: Prepare the journal entry to record depreciation expense for 2018 and 2019. 2018, Dec. 31 L (Record straight-line depreciation expense) 2019, Dec. 31 (Record straight-line depreciation expense)