Capital Expenditure and Depreciation; Parital-Year Depreciation Willow Creek Company purchased and installed carpet in its new general offices on March 30 for a total cost of $9,408. The carpet is estimated to have a 14-year useful life and no resi a. Prepare the journal entry necessary for recording the purchase of the new carpet. If an amount box does not require an entry, leave it blank. March 30 Carpet Cash 9,408 V 9,408 Feedback Check My Work Is this purchase improving or extending the life of the asset? Or is this purchase something that will only benefit this period? b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek uses the straight-line method. If an amount box does n blank. Do not round intermediate calculations. Dec. 31 Depreciation Expense-Carpet Accumulated Depreciation-Carpet Check My Work Note when the asset was placed in service. The straight-line method calculates the depreciation of a fixed asset for a year