Question Completion Status: QUESTION The company purchased equipment on July 1, 2019 for $38,000 and paid an additional $2,000 to have it properly installed. Residual value is 55,000 and the estimated life is 5 years. 1. Calculate the depreciation expense for the year ended December 31, 2019 using straight line depreciation A. 875 B. 1,035 C. 3,500 D.2.000 QUESTION 2 2. Record the expense in 81 with a journal entry. A Depreciation Expense 2,000; Accumulated Depreciation 2,000 B. Depreciation Expense 3,500; Accumulated Depreciation 3,500 Accumulated Depreciation 875; Depreciation Expense 875 D. Accumulated Depreciation 1,035; Depreciation Expense 1,035