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