Adjustment for Depreciation of Asset On December 1, delivery equipment was purchased for $5,424. 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 formally enter this adjustment in the general journal. of December 31 (one month) using T accounts, and then (Income Statement) Depr. Expense- Delivery Equipment Adj. (Balance Sheet) Accum. Depr.-Delivery Equipment Ad) an entry, leave it blank. If an amount box does not require DOC. POST CREDIT DEBIT ACCOUNT TITLE DATE REF NO. 1 1 20-Dec. 31 7 2 Page