6. Malfoy, Inc. paid cash to purchase a spellbinder on January 1, 2018, for $650,000. Estimated life of the spellbinder was four years, and its estimated residual value was $250,000. Malfoy, Inc uses the straight-line method of depreciation. Give the journal entry to record the purchase of the spellbinder for cash on Jan. 1 and the journal entry to record the depreciation for 2018 on Dec. 31. (10 points)