(4 points) On January 1, 2018 Grier Company purchased (for cash) a telephone system at a cost of $20,000. The equipment was expected to last five years with a salvage value of $3,000. Prepare the journal entry to record the purchase of the equipment, and then the entry on December 31, 2018 to record the first year of depreciation (use the straight-line method). Date Account Debit Credit