On January 1, 2024, Wildhorse Ltd. purchased a piece of machinery for $31,000. At the time, management determined that the machinery would have a residual value of $3,400 at the end of its 10-year life. Wildhorse has a December 31 year end and uses the double-diminishing-balance method for depreciation of equipment. (Record entries in the order displayed in the problem select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)