If a fixed asset, such as a computer, were purchased on January 1st for $2,274 with an estimated life of 3 years and a salvage or residual value of $129, the journal entry for monthly expense under straight-line depreciation is Oa. Depreciation Expense 59.58 Accumulated Depreciation 59.58 Ob. Accumulated Depreciation 59.58 Depreciation Expense 59.58 Oc. Accumulated Depreciation 715.00 Depreciation Expense 715.00 Od. Depreciation Expense 715.00 Accumulated Depreciation 715.00 On June 1, Michael Company purchased equipment at a cost of $120,000 that has a depreciable cost of $90,000 and an estimated useful life of 3 years or 30,000 hours. Using straight-line depreciation, calculate depreciation expense for the second year. Oa. $12.500 Ob. $40,000 Oc. $30,000 x Od. $17,500