ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued 5) On July 31, 2016 the company purchased new warehouse equipment in the amount of $50,000. No depreciation has been recorded yet in 2016 for this new asset. It is estimated to have a usfuleof 7 years and a salvage value of $4,700. What is the depreciation expense for 2016 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 Post the above entry to the trial balance in the adjustment columns