Straight-Line Depreciation Irons. Delivery inc. purchased a new delivery truck for $42,000 on January 1, 2023. The truck is expected to have a $2,100 residuai value at the end of its 5 -year useful life, Irons uses the straight-line method of depreciation. Required: Precare the joumal entry to record depreciation expense for 2023 and 2024, If an amount box does not require an entry, leave it bianik. Feedibach t cheiv My win Straightwine depreclation allocates the degreciable cost over the useful life of the asset. The Journal entry decreases both assets and stockholders equity