Chapter 9, Problem 9.2DIE

To determine

Straight-line method: Under the straight-line method of depreciation, the same amount of depreciation is allocated every year over the estimated useful life of an asset. The formula to calculate the depreciation expense is as follows:

$\text{Depreciation expense}=\frac{(\text{Cost of the asset}-\text{Salvage value})}{\text{Estimated useful life of the asset}}$

To record: the journal entry for depreciation expenses on December 31, 2019