On January 1, Year 1, Rex Carr's Driving School, Inc., purchased $400,000 of vehicles (Equipment) with an estimated useful life of 5 years or 500,000 miles and a $50,000 salvage value. The vehicles were driven 120,000 miles in Year 1 and 110,000 miles in Year 2. Record the adjusting entry to record depreciation for Year 1 using the straight-line method