Record journal/ adjusting entries to record all omitted transactions.

a. During the year-end audit, it was discovered that September 1, 2020, transaction for the lump-sum purchase of a hydraulic lift and a trailer was not recorded. The fair market values of the hydraulic lift and the trailer were $350,000 and $97,000, respectively. Each asset has an expected useful life of 8 years with no salvage value. The purchase of assets was financed by issuing a $420,000 five-year promissory note directly to the seller. Interest of 10 percent is payable annually on August 31 of every year. Hi-Lo uses straight-line method to depreciate all of its assets. However; Hi-Lo decides to use the double-declining balance method for the hydraulic lift and the trailer rather than straight-line method