Depreciation Expense for 2019 is $10,800 while Depreciation Expense for 2020 is $9,720
Rate of Depreciation = (Cost - Residual Value) ÷useful life
= ($42,000 - $2,000) ÷ 150,000 miles
= $0.27
Depreciation Expense = Rate of Depreciation x unit of miles during the period
So,
Depreciation Expense for 2019 = $0.27 x 40, 000
= $10,800
Depreciation Expense for 2020 = $0.27 x 36,000
= $9,720
Journal entries to record depreciation expense
Date Account titles and explanation Debit Credit
2019 Depreciation Expense $10,800
Accumulated Depreciation $10,800
Date Account titles and explanation Debit Credit
2020 Depreciation Expense $9,720
Accumulated Depreciation $9,720
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