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Irons deliver inc purchased a new delivery truck for 42,000 on 01/01/19. The truck is expected to have a 2000 residual value at the end

Irons deliver inc purchased a new delivery truck for 42,000 on 01/01/19. The truck is expected to have a 2000 residual value at the end of the its 5 year useful life. Irons uses the straight line method of depreciation.

Prepare the journal entry to record depreciation expense for 2019 and 2020

2019

Depreciation expense

Accumulated depreciation

2020

Depreciation expense

Accumulated depreciation

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