Oriole Company paid $24,800 to purchase equipment on January 1, 2021. Oriole Company has a December 31 fiscal year end and uses straight-line depreciation. The company estimates the equipment will have a 8-year useful life. Prepare the journal entry to record the purchase of the equipment on January 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Debit Credit Jan. 1/21 Prepare the adjusting entries required on December 31, 2021, and 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit Dec. 31/21 Dec. 31/22 Show the balance sheet presentation of the equipment at December 31, 2021, and 2022. ORIOLE COMPANY Balance Sheet (partial) 2022 2021 $ $ Carrying amount $ $ Show the income statement presentation of the equipment at December 31, 2021, and 2022. ORIOLE COMPANY Income Statement (partial) 2022 2021 $ $