Capital Expenditure and Depreciation Willow Creek purchased and installed carpet in its new general offices on May 30 for a total cost of $13,140. The carpet is estimated to have a 15-year useful life and no residual value. a. Prepare the journal entry necessary for recording the purchase of the new carpet May 30 Carpet Cash Feedback Check My Work this purchase improving or oxtending ite ofthe asser? or is this purchase something that wil ony benet nit penod? Leaming Objective 1, Learning Objective 2 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. Do not round Dec. 31 Depreciation Expense-Carpet