Question 14 of 15 - / 1 View Policies Current Attempt in Progress Cullumber Company paid $30,400 to purchase equipment on January 1, 2021. Cullumber 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. (a) 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 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1/21 e Textbook and Media Assistance Used