If a fixed asset, such as a computer, were purchased on January 1st for $1,616.00 with an estimated life of 5 years and a salvage or residual value of $171.00, what is the journal entry for monthly expense under straight-line depreciation?

Select the correct answer.

Accumulated Depreciation$289.00

Depreciation Expense$289.00

Accumulated Depreciation$24.08

Depreciation Expense$24.08

Depreciation Expense$289.00

Accumulated Depreciation$289.00

Depreciation Expense$24.08

Accumulated Depreciation$24.08