QUESTION 4 Purchased equipment on January 1, 2021 that cost $48,000 with an estimated life of 5 years and an estimated salvage value of $3,000. The company uses straight-line depreciation What entry would be made to record the purchase of the asset? if a cell is not used, enter a 0. Debits should go first, followed by credits. If more than one account is debited or credited, place them in alphabetical order. Date Account Complete the following table using straight-line depreciation Ended Depreciation Expense Accumulated Depreciation End of Period Book Value 2021 2022 2023 2024 2025 How would you record the depreciation for 2021? If a cell is not used, enter a 0. Debits should go first, followed by credits. If more than one account is debited or credited, place them in alphabetical order. Date Account 12/31/21