ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued ) On July 31, 2016 the company purchased new warehouse equipment in the amount of $50,000. No deprecation has been recorded yet in 2016 for this newasset It is estimated to have a useful life of 8 years and a salvage value of $5,000 What is the depreciation expense for 2016 using the straigh-line method? (Round answer to the nearest dolar and show your calculation below for full credit). Complete below the adjusting journal entry necessary for depreciation Account Credit Post the above entry to the trial balance in the adjustment columns