Chem-Lite, Inc., maintains its accounts on the basis of a fiscal year ending March 31. At March 31, 20X1, the Equipment account in the general ledger appeared as shown below. The company uses straight-line depreciation, a 10-year life, and 10 percent salvage value for all its equipment. It is the company's policy to take a full year's depreciation on all additions to equipment occurring during the fiscal year, and you may treat this policy as a satisfactory one for the purpose of this problem. The company has recorded depreciation for the fiscal year ended March 31, 20X1. Equipment 4/1/X0 Bal. forward 12/1/x0 1/2/x1 2/1/x1 3/1/x1 200,000 11,500 1,111 1,111 1,111 Upon further investigation, you find the following contract dated December 1, 20X0, covering the acquisition of equipment: List price 5% sales tax Total Down payment Balance 9% interest, 24 months $50,000 2,500 $52,500 11,500 41,000 7,380 $ 48,380 Contract amount Required: Prepare the adjusting entries you would propose as auditor of Chem-Lite, Inc., with respect to the equipment and related depreciation accounts at March 31, 20X1. (Assume that all amounts given are material.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate computations to the nearest whole dollar value.) View transaction list Journal entry worksheet A B > Record the entry to correct the entries to the Equipment account for the payments on the installment contract originating on December 1, 20xo. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal