1-The C brothers and sisters (4C) had a new lawn tractor in their garage which they placed into service in their landscaping business, the original cost of the tractor was $10,000. Give the journal entry to record this transaction:

2-4C placed a tractor into service in their thriving landscaping business on January 1st 2020 (see above), the machine cost $10,000 and is expected to last five (5) years with $500 salvage value. 4C uses the straight line method to record depreciation and only makes such entries at the end of each year. Give the journal entry to record year end depreciation for 2020: