Suppose that on January $1$ Tee Bird Travel Company paid cash of $$80,000$ for equipment that is expected to remain useful for four years. At the end of four years, the equipment's value is expected to be zero.

Read the equirements.

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.

$1$a$.$ Record the purchase of the equipment. $($Record debits first, then credits. Select the explanation on the last line of the jctrnal entry table.$)$

Journal Entry

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[$Jan$,,,],[,,,],[,,,],[,,,]]$