a. Carlos Company purchases $30,000 of equipment on January 1, 2011. The equipment is expected to last five years and be worth $5,000 at the end of that time. Prepare the entry to record one year's depreciation expense of $5,000 for the equipment as of December 31, 2011. (In cases where no entry is required, please select the option "No journal entry required" for your answer to grade correctly. Omit the "tiny_mce_markerquot; sign in your response.) General Journal Debit Credit