Cali Company purchased equipment for $37,200 on November 1. It is estimated that annual depreciation on the equipment will be $7,440. If financial statements are to be prepared on December 31 and no adjusting journal entries have been recorded until December 31, which of the following adjusting entries should be recorded? Group of answer choices DR: Equipment $37,200; CR: Accumulated Depreciation $37,200 DR: Depreciation Expense $620; CR: Accumulated Depreciation $620 DR: Depreciation Expense $7,440; CR: Accumulated Depreciation $7,440 DR: Depreciation Expense $1,240; CR: Accumulated Depreciation $1,240