5) On July 31, 2026 the company purchased new warehouse equipment in the amount of $80,000. No depreclation has been recorded yet in 2026 for this new asset. It is estimated to have a useful life of 10 years and a salvage value of $5,000. What is the depreciation expense for 2026 using the straight-line method? (Round answer to the nearest dollar and show your calculation below for full credit). Complete below the adjusting journal entry necessary for depreciation: Account description Debit Credit \begin{tabular}{|l|l|l|} \hline Account description & Debit & \\ \hline & & Credit \\ \hline \end{tabular}