1. Equipment: What is that? What is the category of it and where do you record it? Accumulated Depreciation, Equipment, is contrary to, or a deduction from, Equipment (A), so we call it a contra account (XA) 2. Depreciation Expense: What is that? What is the category of it and where do you record it? 3. Accumulated Depreciation: What is that? What is the category of it and where do you record it? 4. You purchased three trucks for $450,000 on January 1, 2019. You expect to drive the trucks for 10 years, with $10,000 of residual value for each truck. Please calculate the Depreciation Expense and the Accumulated Depreciation, and the Net Value of the truck. Depreciation Schedule of the Three Trucks Year Cost of Trucks Depreciation Expense Accumulated Expense Net Value of Trucks 2019 $450,000 2020 2021 2022 2023 2024 2025 2026 2027 2028 $30,000 5. List the steps of the Accounting Cycle