If a fixed asset, such as a computer, were purchased on January 1 for $7,500 with an estimated life of 6-years and a salvage or residual value of $300, the journal entry for monthly expense under straight-line depreciation is 100 Depreciation Expense Accumulated Depreciation 100 Accumulated Depreciation 1,200 Depreciation Expense 1,200 1,200 Depreciation Expense Accumulated Depreciation 1,200 100 Accumulated Depreciation Depreciation Expense 100