2 pts The balance in the equipment account before adjustment on December 31, 2019 is $60,000 and the balance of accumulated depreciation on December 31, 2019 is $24,000. The adjustment amount for depreciation for the year is $12,000. What account should be debited in the journal (1) and for what amount to record the adjusting entry to record this depreciation based on this information? JOURNAL Page 25 Date Description Credit Debit Post. Ref. Adjusting Entries ? 12/31 (1) ? (2) Depreciation Expense $36,000 Accumulated Depreciation $12,000 Depreciation Expense $12,000 Equipment $12,000 The balance in the equipment account before adjustment on December 31, 2019 is $60,000 and the balance of accumulated depreciation on December 31, 2019 is $24,000. The adjustment amount for depreciation for the year is $12,000. What account should be credited in the journal (2) and for what amount to record the adjusting entry to record this depreciation based on this information? JOURNAL Page 25 Date Description Debit Credit Post. Ref. Adjusting Entries ? 12/31 (1) (2) Depreciation Expense $12,000 Depreciation Expense $36,000 Equipment $12,000 Accumulated Depreciation $12,000