Burton, Inc. purchased a van on January 1, 2018, for $800,000. Estimated life of the van was five years, and its estimated residual value was $90,000. Burton uses the straight-line method of depreciation. Prepare the journal entry to record the purchase of van for cash. Omit explanation.

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The Answer of Burton, Inc. purchased a van on January 1, 2018, for $800,000. Estimated life of the van was five years, and its estimated residual value was $90,000. Burton uses the straight-line method of depreciation. Prepare the journal entry to record the purchase of van for cash. Omit explanation.