Suppose that on January 1 Lambert Travel Company paid cash of $70,000 for equipment that is expected to remain useful for five years. At the end of five years, the equipment's value is expected to be zero. Read the requirements. 1. Make journal entries to record (a) 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. 1a. Record the purchase of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Jan Journal Entry Accounts and Explanation Debit Credit