Adjustment for Depreciation of Asset On December 1, delivery equipment was purchased for $7,200. The delivery equipment has an estimated useful life of four years ( 48 months) and no salvage value. Using the straight-line depreciation method, analyze the necessary adjusting entry as of December 31 (one month) using T accounts, and then formally enter this adjustment in the general journal. (Income Statement) Depr. Expense-Delivery Equipment Adj