If a fixed asset, such as a computer, were purchased on January 1st for $2,401.00 with an estimated life of 5 years and a salvage or residual value of $106.00, what is the journal entry for monthly expense under straight-line depreciation?

Select the correct answer.

Depreciation Expense$38.25

Accumulated Depreciation$38.25

Depreciation Expense$459.00

Accumulated Depreciation$459.00

Accumulated Depreciation$459.00

Depreciation Expense$459.00

Accumulated Depreciation$38.25

Depreciation Expense$38.25