As the controller of Lynbrook, you were involved with the preparation of the 2019 budget. The budget approved the acquisition of a new piece of equipment. You oversaw the purchase and installation of the new equipment on January 5, 2019. The following information relates to the new equipment: Purchase price of $150,000 Delivery cost of $3,510 Installation cost of $4,600 It was determined the equipment will be used for seven years and have an $18,110 salvage value. The depreciation of the equipment will be expensed using either the straight-line and double-declining balance methods.

Required 1. Prepare journal entries to record the equipment's purchase, delivery, and installation costs. Cash is paid for all costs incurred.