Hokies, Inc. acquired a desk for $500. The estimated salvage value is $50 and the estimated life is 5 years. What journal entry should Hokies make to record depreciation expense?

a. depreciation expense 90 accumulated depreciation 90
b. depreciation expense 90 desk 90
c. depreciation expense 100 desk 100
d. accumulated depreciation 90 depreciation expense 90
e. depreciation expense 100 accumulated depreciation 100

Answer: a. depreciation expense 90 accumulated depreciation 90