On March 1, your company paid cash of $35,000 for computers that are expected to remain useful for four years. At the end of four years, the value of the computers is expected to be zero. Make journal entries to record (a) purchase of the computers on March 1 and (b) amortization on March 31. Include dates and explanations, and use the following accounts: Computer Equipment; Accumulated Amortization-Computer Equipment; and Amortization Expense-Computer Equipment. a. First we will record the purchase of the computer equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date March Journal Entry Accounts and Explanation Debit Credit b. Record amortization on March 31. Before we can record the amortization for one month we must calculate the expense. The cost of the capital asset is spread over its useful life. Remember, we are recording only one month of amortization. First, determine the formula for the amortization expense, then use the formula to calculate the amount of amortization expense. (Round your answer to the nearest whole number. Abbreviations used: Amort. = amortization.) x Amort. expense yrs. x = Using the amounts you calculated above, record the entry for one month's amortization. Date March Journal Entry Accounts and Explanation Debit Credit