Question: Question: Johnson & Johnson purchased a delivery van for $60,000. The van has an estimated useful life of 8 years and a salvage value of

·Question: Johnson & Johnson purchased a delivery van for $60,000. The van has an estimated useful life of 8 years and a salvage value of $5,000. Calculate the depreciation expense for the first year using the double-declining balance method and provide the journal entry to record the depreciation expense.

Requirements:

Calculate the depreciation expense for the first year using the double-declining balance method.
Provide the journal entry to record the depreciation expense for the first year.

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