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AdJustMentfordePreciAtionof AssetOn December 1, delivery equip-ment was purchased for $7,200. The delivery equipment has an estimated useful life of four years (48 months) and no

"AdJustMentfordePreciAtionof AssetOn December 1, delivery equip-ment 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"

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