Jacob Manufacturing purchased a new truck on April 1, 2005 for $30,000. The truck is expected to have a residual value of $2,000 and its useful life is anticipated to be seven years. The company uses the straight-line method of depreciation. Jacob Manufacturing has a December 31** year-end. 1. Calculate the depreciation expense for the first year (December 31, 2005). 3000 2. Prepare the journal entry to record depreciation expense for the first year (Ignore account numbers.) Depriciation Expense 3000 Dr. $ Accumulated Depreciation 3000 Cr. $