Suppose Company A purchased a vehicle for $40,000 on January 1, 2020. Its estimated useful life is 5 years and its estimated residual value is $5,000. 1- Calculate depreciation expense using the straight-line method. (5 marks) 2- Record the journal entries at the end of the 5 years. (5 marks) 3- What is the net book value at the end of each year? (5 marks)

1. Calculate depreciation expense using the straight-line method. (5 m
2. Record the journal entries at the end of the 5 years. (5 marks)
3. What is the net book value at the end of each year? (5 marks)