Prepare the journal entry to record the depreciation expense, Financial Accounting

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Prepare the journal entry to record the depreciation expense

Problem

George, Inc. purchased a van on May 1, 2018, for $800,000. Estimated life of the van was five years, and its estimated residual value was $80,000. George uses the straight-line method of depreciation. Prepare the journal entry to record the depreciation expense for 2018 on the van.

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Financial Accounting: Prepare the journal entry to record the depreciation expense

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Financial Accounting: Prepare the journal entry to record the depreciation expense

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