c$.$ Accumulated Depreciation: The company has only one plant asset $($equipment$)$ that it purchased at the start of this year. That asset had cost $$32,000,$ had an estimated life of seven years, and is expected to be valued at $$4,000$ at the end of the seven years. The company uses straight line depreciation method to calculate its depreciation.

$\backslash$table$[[$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 $2.,,],[,,],[$Equipment$,,],[,,]]$