Units-of-Production Depreciation

Irons Delivery Inc. purchased a new delivery truck for $42,000 on January 1, 2019. The truck is expected to have a $2,000 residual value at the end of its 5-year useful life. Irons uses the units-of-production method of depreciation. Irons expects the truck to run for 150,000 miles. The actual miles driven in 2019 and 2020 were 41,000 and 36,000, respectively.

Required:

Prepare the journal entry to record depreciation expense for 2019 and 2020. Round your answers to the nearest dollar. Do not round intermediate calculations.

2019 Dec. 31 Depreciation Expense _____ Accumulated Depreciation _____ (Record units-of-production depreciation expense)

2020 Dec. 31 Depreciation Expense _____ Accumulated Depreciation _____ (Record units-of-production depreciation expense)