Houlihan,Inc.purchased a van on January 1,2016,for $800,000.Estimated life of the van was five years,and its estimated residual value was $90,000.Houlihan uses the straight-line method of depreciation.Give the journal entry to record the depreciation expense for 2016 on the van.

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The Answer of Houlihan,Inc.purchased a van on January 1,2016,for $800,000.Estimated life of the van was five years,and its estimated residual value was $90,000.Houlihan uses the straight-line method of depreciation.Give the journal entry to record the depreciation expense for 2016 on the van.