Carlos Company purchases $30,000 of equipment on January 1, 2011. The equipment is expected to last five years and be...

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.

• To record depreciation expense for the year.