b. Accumulated Depreciation: The company has only one fixed asset (truck) that it purchased at the start of this year. That asset had cost $60,000, had an estimated life of five years, and is expected to have zero value at the end of the five years. For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. c. Accumulated Depreciation: The company has only one fixed asset (equipment) that it purchased at the start of this year. That