Prepare the journal entry for the following and any yearend adjusting entries: On May 1, the company paid cash of $1,000 as a deposit on a new piece of machinery that is expected to be received next year. The value of the equipment is $6,000 and will have a useful life of 5 years and has no residual value. The company's fiscal year end is December 31. Make sure you enter "no entry" when there is no journal entry required.