Willow Creek Company purchased and installed carpet in its new general offices on May 30 for a total cost of $11,232. The carpet is estimated to have a 12-year useful life and no residual value. a. Prepare the journal entry necessary for recording the purchase of the new carpet. If an amount box does not require an entry, leave it blank. May 30 Carpet Cash 88 Feedback Check My Work Is this purchase improving or extending the life of the asset? Or is this purchase something that will only benefit this period? b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek uses the straight-line method. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Dec. 31 Depreciation Expense-Carpet Accumulated Depreciation-Carpet 33 Feedback c. Assuming that the equipment was sold on January 3 of Year 4 for $226,200, journalize the entry to record the sale. If an am box does not require an entry, leave it blank. Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment 300 000 Feedback Check My Work d. Assuming that the equipment had been sold on January 3 of Year 4 for $242,900 instead of $226,200, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Cash Accumulated Depreciation-Equipment Equipment Gain on Sale of Equipment