May 1 - Purchased office equipment for $30,000, paying $6,000 down and signing a 2-year, 12% (annual rate) note payable for the balance. The office equipment is expected to have a useful life of 10 years and a salvage value of $3,000. Straight-line depreciation is used.

Required: On the basis of the preceding information (both the transactions and additional information), prepare AJEs to adjust the companys books as of December 31, 2020.