Write a journal entry for this transaction. Purchase an air compressor for $12,000, you also paid $2,500 for a special enclosure for the air-compressor, as well as $3,000 for taxes and a one-time safety inspection of the enclosure. All of this is finished and the air-compressor is put into service today. The compressor has a 5-year expected life, with a salvage value of $2,500.