Suppose that on January 1 Tee Bird Travel Company paid cash of $70,000 for equipment that is expected to remain useful for four ye Read the requirements. 1. Make joumal entries to record (a) purchase of the equipment on January 1 and (b) annual depreciation on December 31. Include da 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 1 Journal Entry Accounts and Explanation Debit Credit Jan Date hent that is expected to remain useful for four years. At the end of four years, the equipment's value is expected to be zero annual depreciation on December 31. Include dates and explanations, and use the following accounts: Equipment: Accumulated Depreciation--Equipment, he explanation on the last line of the joumal entry table.) Dobit Credit 1. Make journal entries to record (a) purchase of the equipment on January 1 and (b) annual depreciation on December 31. Include 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 ent. Journal Entry Date Accounts and Explanation Debit Credit Jan on December 31. Include dates and explanations, and use the following accounts: Equipment: Accumulated Depreciation-Equipment: he last line of the journal entry table.) Credit