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Irons Delivery Inc. purchased a new delivery truck for $45,000 on January 1, 2013. The truck is expected to have a $3000 residual value at

Irons Delivery Inc. purchased a new delivery truck for $45,000 on January 1, 2013. The truck is expected to have a $3000 residual value at the end of its 5-Year useful life.

OBJECTIVE 3, 4, Cornerstone 7.2

Refer to the information for Irons Delivery Inc. above. Irons uses the straight-line method of depreciation.

Required:

Prepare the journal entry to record depreciation expense for 2013 and 2014.

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