On January 1, 2012, a company buys a truck for $42,000 cash. It has estimated residual value of $2,000, and an estimated life of 8 years, or 200,000 miles. If the company uses straight-line depreciation, please show the journal entry for the first year depreciation.

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The Answer of On January 1, 2012, a company buys a truck for $42,000 cash. It has estimated residual value of $2,000, and an estimated life of 8 years, or 200,000 miles. If the company uses straight-line depreciation, please show the journal entry for the first year depreciation.

On January 1, 2012, a Company Buys a Truck for $42,000