Amazing Race Chapter 9 Leg #1 Wicked Widgets Company manufactures widgets for all types of uses. On January 1, 2013 Wicked Widgets purchased a new piece of equipment (for cash) which makes super widgets for $550,000. The equipments expected useful life is 15 years and has an expected residual value of $20,000. Wicked Widgets uses straight-line depreciation calculated yearly. Record the journal entries for 2013. (Round to the nearest dollar)