The plane Sam wants to buy is expected to cost $500.000 The freight charges to deliver the plane will amount to $5.000 and the plane is expected to last 15 years with proper maintenance and will have a salvage value of S20,000, Sam depreciates his assets on a straight-line basis. Sam would like you to provide the initial recording of the asset. You may assume that payment will be some form of loan for this portion and that the $5,000 delivery will be paid in cash; in other wards, it will not be part of the financing. Sam would also like you to prepare the journal entry to record depreciation for the first year.