Beaver Construction purchases new equipment for $32,400 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for six years (72 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 72 months ($450/month).

Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Accumulated Depreciation and Depreciation Expense (assuming the balance of Accumulated Depreciation at the beginning of 2021 is $0).

Journal entry worksheet 2 1 Record the purchase of equipment Note: Enter debits before credits. Debit Date General Journal Credit April 01 Clear entry Record entry View general journal Journal entry worksheet 1 2 Record adjusting entry on December 31 Note: Enter debits before credits. Debit Date General Journal Credit December 31 Record entry Clear entry View general journal Ending Balance Accumulated depreciation Depreciation expense