Suppose that on January 1 Lambert Travel Company bad cash of $90,000 for equipment that is expected to remain set for five years. At the end of five years, the equipments value is expected to be 200 Read the rements 1. Make journal entries to record purchase of the equipment on January 1 and (b) anual depreciation on December 31. Include date and explanations, and use the following courts Equipment Accumulated Depreciation Equipment and Depreciation Equement ta Record the purchase of the prent. (Record debitstrst, then credits Select the explanation on the last line of the joumanyte) Journal Entry Accounts and Explanation Daba Credit Jon the equipment on January 1 and (b) annual depreciation on December 31. Include dates and explanations, and use the following accounts: Equipmen pense-Equipment cord debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Requirements ints and Explanation 1. Make journal entries to record (a) the purchase of the equipment on January 1 and (b) annual depreciation on December 31. Include dates and explanations, and use the following accounts: Equipment; Accumulated Depreciation ---Equipment and Depreciation Expense-Equipment 2. Post to the accounts and show their balances at December 31. 3. What is the equipment's book value at December 31? Print Done