At the end of its first year, the trial balance of Rayburn Company shows Equipment $22,000 and zero balances in Accumulated Depreciation -Equipment and Depreciation Expense. Depreciation for the year is estimated to be $2,750. Prepare the annual adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Post the adjustments to T-accounts. (Post entries in the order of journal entries presented in the previous part.) Depreciation Expense Accumulated Depreciation Equipment Indicate the balance sheet presentation of the equipment at December 31. Rayburn Company Partial Balance Sheet