Iverycoast Inc.purchased a van on January 1,2015,for $800,000.Estimated life of the van was 5 years,and its estimated residual value was $90,000.Iverycoast uses the straight-line method of depreciation.Give journal entry to record the depreciation expense for 2015 on the van.

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The Answer of Iverycoast Inc.purchased a van on January 1,2015,for $800,000.Estimated life of the van was 5 years,and its estimated residual value was $90,000.Iverycoast uses the straight-line method of depreciation.Give journal entry to record the depreciation expense for 2015 on the van.