Cullumber Ltd. purchased a piece of equipment on January 1, 2024, for $59,000. At the time, management determined that the equipment would have a 4 -year useful life and a residual value of $5,000. Cullumber uses the straight-line depreciation method for its equipment, and the company has a December 31 year end. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)
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