04:51 Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. Equipment purchased for $62,000 on January 3, 20X1, has an estimated life of 4 years and an estimated salvage value of $5,500. The firm uses the straight-line method of depreciation. Determine the adjustment for the month ended January 31, 20X1. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 Record adjusting entry for depreciation. Note: Enter debits before credits. Date Jan. 31, 20X1 General Journal Debit Credit