A business purchased equipment for $120,000 on January 1 of the current year. The equipment will be depreciated over the five years of its estimated useful life using the straight - line depreciation method. The business records depreciation once a year on December 31 . Which of the following is the adjusting entry required to rocord depreciation on the equipment for the end of the first year? (Assume the residual value of the acquired equipment to be zeroi) A. Debit $24,000 to Depreciation Expense-Equipment, and credit $24,000 to Accumulated Depreciation-Equipment B. Debit $24,000 to Depreciation Expense, and credit $24,000 to Equipment C. Debit $120,000 to Depreciation Expense-Equipment, and credit $120,000 to Accumulatod Depreciation-Equipment. D. Dobit $120,000 to Equipment, and creda $120,000 to Cash