Beaver Construction purchases new equipment for $34,560 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 ($480/month).

Required:

1. 1.&2. Record the necessary entries in the Journal Entry Worksheet below.

2. 

3. 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 1 2 > Record the purchase of equipment. Note: Enter debits before credits. Date General Journal Debit Credit April 01 Journal entry worksheet