Calculating and Journalizing Depreciation Equipment records for Johnson Machine Co. for the year follow. Johnson Machine uses the straight-line method of depreciation. In the case of assets acquired...

Extracted text: Calculating and Journalizing Depreciation Equipment records for Johnson Machine Co. for the year follow. Johnson Machine uses the straight-line method of depreciation. In the case of assets acquired by the fifteenth day of the month, depreciation should be computed for the entire month. In the case of assets acquired after the fifteenth day of the month, no depreciation should be considered for the month in which the asset was acquired. Purchase Salvage Date Asset Price Useful Life Value Purchased Truck #1 $19,050 8 years $3,930 January 1 Truck #2 24,320 8 4,000 April 10 Tractor #1 18,010 5 3,010 May 1 Tractor #2 13,200 6 2,100 June 18 Forklift 38,410 10 3,910 September 1 Required: 1. Calculate the depreciation expense for Johnson Machine as of December 31, 20--. 2. Prepare the entry for depreciation expense using a general journal. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- 1 Dec. 31 1 2 2