If a fixed asset, such as a computer, were purchased on January 1st for $1,905.00 with an estimated life of 3 years and a salvage or residual value of $168.00, what is the journal entry for monthly expense under straight-line depreciation? (Note: EOM indicates the last day of each month)

Select the correct answer.

EOM Accumulated Depreciation	$48.25
Depreciation Expense		$48.25

EOM Accumulated Depreciation	$579.00
Depreciation Expense		$579.00

EOM Depreciation Expense	$48.25
Accumulated Depreciation		$48.25

EOM Depreciation Expense	$579.00
Accumulated Depreciation		$579.00