b. Accumulated Depreciation. The company has only one fixed asset (truck) that it purchased at the start of this year. That asset had cost $46,000, had an estimated life of 5 years, and is expected to have zero value at the end of the 5 years. Accumulated depreciation -Truck Step 1: Determine what the current account balance equals. 0 0 Step 2: Determine what the current account balance should equal. $ 0 X Credit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Depreciation expense Truck Accumulated depreciation-Truck 0 c. Accumulated Depreciation. The company has only one fixed asset (equipment) that it purchased at the start of this year. That asset had cost $36,000, had an estimated life of 7 years, and is expected to be valued at $5,200 at the end of the 7 years. Accumulated depreciation -Equipment 0 Step 1: Determine what the current account balance equals. $ 0 Step 2: Determine what the current account balance should equal. $ 0 X Credit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. 0 X Depreciation expense-Equipment Accumulated depreciation Equipment 0 X