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Prepare the necessary journal entry needed on 12-31-x1 to

You purchase a truck on 1-1-x1 for $55,000. Salvage value is $5,000 and the life of the truck is 5 years. Fill in the chart below using straight line depreciation.

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a. Prepare the necessary journal entry needed on 12-31-x1 to record depreciation expense

b. Prepare the necessary journal entry needed on 12-31-X2 to record depreciation expense

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Finance Basics: Prepare the necessary journal entry needed on 12-31-x1 to

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