Beaver Construction purchases new equipment for $34,800 cash on April 1, 2024. At the time of purchase, the equipment is expected to be used in operations for five years ( 60 months) and has no resale or scrap value at the end. Beaver depreciates equipment evenly over the 60 months ( $580 per month). The balance of Accumulated Depreciation at the beginning of 2024 is $0. Determine the accounts to be adjusted on December 31, the amount of the adjustment, and the ending balances. Assume no adjustments were previously made during the year