9.UUU Depreciation expense TUCK Accumulated depreciation-Truck 9.000 c. The company has only one fixed asset (equipment) that it purchased at the start of this year. That asset had cost $34,000, had an estimated life of 7 years, and is expected to be valued at $4,600 at the end of the 7 years, Accumulated depreciation- Equipment Step 1 Determine what the current account balance equals $ 0 5,514 Step 2. Determine what the current account balance should equal Debitor Credit? Credit $ 29.400 29.400 Step 3. Record the December 31 adjusting entry to get from step 1 to step 2 Adjusting Entry Debit Depreciation expense-Equipment 5,514 Accumulated depreciation-Equipment Credit olo 5.514 NE