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Journal Entries for Depreciation Expense \& Disposal (16 points) Fabian Woodworks purchased a truck for...

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Journal Entries for Depreciation Expense \& Disposal (16 points) Fabian Woodworks purchased a truck for a cost of $21,000 on January 1,2020 , with an estimated useful life of 5 years and an estimated residual value of $2,000. A) If the company uses the straight-line method of depreciation, what is the journal entry that must be made for each full year of the asset's life to record depreciation expense? (Show your calculations AND the journal entry! 4 points) B) If instead the company originally chose to use the double-declining-balance method of depreciation, what journal entry to record depreciation expense would the company make in the SECOND YEAR of the asset's life? (Show your calculations AND the journal entry! 4 points) C) If instead the company originally chose the units of production method for depreciation, use the following information to calculate and record depreciation expense: The company expects the truck to be used for a total of 75,000 hours over the next 5 years. The truck was used for 25,000 hours in 2020 and 24,000 hours in 2021 (Show your calculations AND the journal entry? 4 points)

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