Beaver Construction purchases new equipment for $50, 400 cash on April 1, 2018. At the time of purchase, the equipment is expected to be used in operations for seven years (84 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 84 months ($600/month). Record the necessary entries in the Journal Entry Worksheet below (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)