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Declining Balance Depreciation Irons Delivery Inc. purchased a new delivery truck for $42,100 on...

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Accounting

Declining Balance Depreciation
Irons Delivery Inc. purchased a new delivery truck for $42,100 on January 1,2023. The truck is expected to have a $2,000 residual value at the end of its 5 year useful life. Irons uses the double-declining-balance method of depreciation.
Required:
Prepare the journal entry to record depreciation expense for 2023 and 2024. If an amount box does not require an entry, leave it blank.
2023 Dec. 31 Depreciation Expense
Accumulated Depreciation
2024 Dec. 31 Depreciation Expense
Accumulated Depreciation
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