If a fixed asset, such as a computer, were purchased on January 1st for $2,391.00 with an estimated life of 7 years and a salvage or residual value of $122.00, what is the journal entry for monthly expense under straight-line depreciation?

Select the correct answer.

Accumulated Depreciation$27.01

Depreciation Expense$27.01

Accumulated Depreciation$324.14

Depreciation Expense$324.14

Depreciation Expense$27.01

Accumulated Depreciation$27.01

Depreciation Expense$324.14

Accumulated Depreciation$324.14