Baer Coat Company purchased equipment on June 1 for $54000, paying $12.000 cash and signing a 12% 2-month note for the remaining balance. The equipment is expected to depreciate $12.000 each year. Baer Cont Company prepares monthly financial statements Instructions (a) Prepare the general journal entry to record the acquisition of the equipment on June ist. (b) Prepare any adjusting journal entries that should be made on June 30th. Show how the equipment will be reflected on Baer Coat Company's balance sheet on June 30th