On May 1, your company paid cash of $41,000 for computers that are expected to remain useful for three years. At the end of three years, the value of the computers is expected to be zero. Make journal entries to record (a) purchase of the computers on May 1 and (b) amortization on May 31, Include dates and explanations, and use the following accounts: Computer Equipment, Accumulated AmortizationComputer 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.) Journal Entry Date Accounts and Explanation Debit Credit May b. Record amortization on May 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 answers to the nearest whole number. Abbreviations used: Amort. = amortization.) = Amort, expense years Using the amounts you calculated above, record the entry for one month's amortization. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Round amounts to the nearest whole number.) Journal Entry Date Accounts and Explanation Debit Credit Nay Time Remaining: 02:52:11 Next