10,600] Depreciation expense, Truck Accumulated depreciationTruck 10,600 c. Accumulated Depreciation: The company has only one plant asset (equipment) that it purchased at the start of this year. That asset had cost $50,000, had an estimated life of seven years, and is expected to be valued at $9,400 at the end of the seven years. The company uses straight line depreciation method to calculate its depreciation. Accumulated depreciation -Equipment Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2