George Company 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.Omit explanation.

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The Answer of George Company 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.Omit explanation.

George Company Purchased a Van on May 1,2018,for $800,000