How would I record this on the "Journal Entry" and at what amount?
Information for Year-End Adjusting Journal Entries
1. $71,400 of office equipment was purchased on Jan. 1, 2004. The office equipment is expected to have a useful life of 7 years with no salvage value. Depreciation expense has been recorded through Nov. 30, 2006. No depreciation expense for the month of December should be recorded for the equipment purchased on December 31, 2006.