At the end of its first year, the trial balance of Sheridan Company shows Equipment $22,300 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense, Depreciation for the year is estimated to be $3,500. (a1) Your answer is correct. Prepare the annual adjusting entry for depreciation at December 31. (List debit entry before credit entry. If no entry is required, select "No Entry" for the occount tities ond enter Ofor the amounts. Credit account tities are automatically indented when the amount is entered. Do not indent manuallys Post the adjustments to T-accounts