Malfoy, Inc paid cash to purchase a spellbinder on January 1, 2019 for $650,000. Estimated life of the spellbinder was four years, and its estimated residual value was $250,000. Malfoy, Inc uses the straight line method of depreceiation. Give the journal entry to record the purchase of the spellbinder for cash on Jan 1 and the journal entry to record the depreciation for 2019 on Dec 31. Thank you!