**Capital Expenditure and Depreciation**Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $18,000. The carpet is estimated to have a 15-year useful life and no residual value.a. Prepare the journal entry necessary for recording the purchase of the new carpet. If an amount box does not require an entry, leave it blank.- **Apr. 30** - [Dropdown] [Text Box] [Text Box] - [Dropdown] [Text Box] [Text Box]b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek uses the straight-line method. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank.- **Dec. 31** - [Dropdown] [Text Box] [Text Box] - [Dropdown] [Text Box] [Text Box]Buttons at the bottom: - Check My Work- Save and Exit- Submit Assignment for Grading**Note:** There are dropdown menus and text boxes provided for entering journal entries and amounts.

Carpet purchased is to be treated as a furniture under the heading of fixed assets.Date Particulars Debit Credit Apr. 30 Furniture $18,000 Cash $18,000 (Being carpet purchased) Depreciation expense = ((Cost - Residual value)/Useful life in years) * (Number of months from the date of purchase/12 months) Cost $18,000 Residual value $0 Useful life in years 15 Number of months from the date of purchase(From April 30 to December 31) 8 Substitute the values in the formula. Depreciation expense (($18,000 - $0)/15) * (8/12) = $800 Date Particulars Debit Credit Dec. 31 Depreciation expense $800 Accumulated depreciation $800 (Being depreciation expense recorded)