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Question 1. Blunt Corporation purchased a vehicle on Jan 1, 2017 for $105,000. The estimated life of the vehicle is 16 years and estimated residual

Question 1. Blunt Corporation purchased a vehicle on Jan 1, 2017 for $105,000. The estimated life of the vehicle is 16 years and estimated residual value is $4,000. Calculate the depreciation expense using straight-line method. How much would be the balance in the accumulated depreciation account on Dec 31, 2018? Write the journal entry required on Dec 31, 2017 for depreciation

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