6 points On January 1, Kiffin Motors pays $77,000 for equipment used in the production of brake pads. Kiffin Motors estimates it will use this equipment for 5 years. At the end of the 5 year period, Kiffin Motors estimates that it can sell the equipment for $2,000. 1. Using the straight-line method, calculate and journalize the adjusting entry needed to capture depreciation related to this equipment in Year 1 Date Account Debit Credit 2. What is the net book value for the equipment at the end of year after performing the adjusting entry? Net Book Value