Declining Balance Depreclation Irons Delivery Inc. purchased a new delivery truck for $43,200 on January 1,2023 . The truck is expected to have a $2,000 residual value at the end of its 5 -year usefur Ife. Irons uses the double-declining-balance method of depreciation. Required: Prepare the journal entry to record depreciation expense for 2023 and 2024. If an amount box does not require an entry, leave it blank. ronaw work Doubie-declining balance is an accelerated method of depreciation in which depreciation expense equals twice the straight-line rate multiplied times the arsety book value. The journal entry decreases both assets and stockholders' equify