5) On July 31, 2021 the company purchased new warehouse equipment in the amount of $63,000. No depreciation has been recorded yet in 2021 for this new asset. It is estimated to have a useful life of 8 years and a salvage value of $3,000. What is the depreciation expense for 2021 using the straight-line method using months in service? (Round answer to the nearest dollar and show your calculation below for full credit). C Complete below the adjusting journal entry necessary for depreciation: Debit Credit Account description Post the above entry to the trial balance in the adjustment columns