Company purchased equipment on June 1 for $90,000, paying $20,000 cash Valdosta Garment Company purchased equipment on June and sianina a 9%, 2-month note for the remaining $70,000 balance The for the remaining $70,000 balance. The equipment is expected nrariate $18 000 each year. Valdosta Garment company prepares monthly financial statements. Instructions tal Prepare the general lournal entry to record the acquisition of the equipment on (b) Prepare the 2 adjusting journal entries that should be made on June 30th Il Show how the equipment will be reflected in the PPE section of valdosta Garmend Company's balance sheet on June 30th