On January 1, 2016, the Marlin Company Purchased a Tractor

Multiple Choice

On January 1, 2016, the Marlin Company purchased a tractor that cost $30,000, had a five-year useful life, and a $5,000 salvage value. Which of the following is the correct general journal entry to record depreciation expense for the 2016 fiscal year?

A) Dr. Depreciation Expense $6,000 Cr. Accumulated depreciation $6,000
B) Dr. Accumulated depreciation $5,000 Cr. Depreciation expense $5,000
C) Dr. Depreciation expense $5,000 Cr. Cash $5,000
D) Dr. Depreciation expense $5,000 Cr. Accumulated depreciation $5,000