At the end of its first year of operations, the trial balance of Whispering Company shows Equipment $$28,040$ and zero balances in Accumulated Depreciation$-$Equipment and Depreciation Expense. Depreciation for the year is estimated to be $$1,960.$

Prepare the adjusting entry for depreciation at December $31.($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter $O$ for the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

Indicate the balance sheet presentation for the equipment at December $31.$

Whispering Company Balance Sheet $($Partial$)$