At the end of its first year of operations, the trial balance of Cheyenne Company shows Equipment $30,640 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $1,940. 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 0 for the amounts.) Indicate the balance sheet presentation for the equipment at December 31