Suppose that on January 1, Georgetown Ltd. paid cash of $26,000 for computers that are expected to remain useful for two years. At the end of two years, the computers' values are expected to be zero. Required 1. Make journal entries to record (a) the purchase of the computers on January 1, and (b) the annual depreciation on December 31. Include dates and explanations, and use the following accounts: Computer Equipment; Accumulated Depreciation-Computer Equipment; and Depreciation Expense-Computer Equipment. 2. Post to the accounts and show their balances at December 31. 3. What is the computers' carrying amount at December 31? 4. Which account(s) will Georgetown report on the income statement for the year? Which accounts will appear on the balance sheet of December 31? Show the amount to report for each item on both financial statements. Requirement 1. Make journal entries to record (a) the purchase of the computers on January 1 and (b) the annual depreciation on December 31. Include dates and explanations, and use the following accounts: Computer Equipment; Accumulated Depreciation-Computer Equipment; and Depreciation Expense-Computer Equipment. 1a. Record the purchase of the computer equipment. (Record debits first, then credits. Enter explanations on the last line. Round your answers to the nearest dollar.) Date Jan Journal Entry Accounts and Explanation Debit Credit