Wee Small Company has an asset that was just purchased. The cost of the asset was $72,000. The company 8-4. Use ofasset. c asset is five years. Depreciation is to be straight-line. a Jounalize the entry to record depreciation for the first year of the asset's life. a. Journalize the entry to b. Journalize the entry to record depreciation for the first month of the asset's life. 8-5. Use of asset. Nerdz, Inc. has just acquired a new truck for use in the business. Cost of the truck was $40,000 (it's a REALLY nice truck). Nerdz has determined that the life of the truck will be three years with no salvage. Depreciation is to be straight-line. a. Journalize the entry to record the depreciation for the first year of the asset's life. b. Journalize the entry to record the depreciation for the first month of the asset's life