Financial Accounting it Ex4: A company entered into the following transactions concerning its computer system: ACC113 depreciation is to be used. On January 1, 2019 the company determined that the estimated On January 1, 2018 purchased a computer system that cost $1,480,000. The estimated useful life of the computer is 3 years and salvage value is $40,000. Straight-line useful life of the computer would be 4 years instead of 3 value will only be $10,000. Required: Prepare the journal entry to record depreciation expense for 2018. Prepare the journal entry to record depreciation expense for 2019. years. The estimated salvage Entry: Date Debit Credit Ex5: The Weiss Company purchased a truck for $95,000 on January 2, 2014. The truck was estimated to have a $3,000 salvage value and a 4 year life. The truck was depreciated using the straight-line method. During 2016, it was obvious that the truck's total useful life would be 6 years rather than 4, and the salvage at the end of the 6th year would be $1,500. Determine the depreciation expense for the truck for the 6 years of its life. Required: Prepare the journal entry to record depreciation expense for the first year, and for the 6th year. Debit Credit Date A_Academy 111 Page