On January 1,2024 , Cullumber Ltd. purchased a piece of machinery for $56,000. At the time, management determined that the machinery would have a residual value of $5,000 at the end of its 10-year life. Cullumber 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 statement. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)