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ABC COMPANY bought a tractor on 7-1-21 for $200,000 by paying $30,000 Cash and Financing the rest. The tractor has a useful life of 3

ABC COMPANY bought a tractor on 7-1-21 for $200,000 by paying $30,000 Cash and Financing the rest. The tractor has a useful life of 3 years and a salvage value of $50,000.

What is the journal entry on 7-1-21 to record the purchase of this tractor and what is the adjusting entry on 12-31-21?

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