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My corporation purchased a new piece of equipment on August 1, 2020, for $100,000. The salvage or trade-in value is estimated to be $25,000 and the useful life of the equipment is 10 years. What is the adjusting entry for depreciation needed on December 31, 2020 Debit Depreciation Expense $3125, Credit Accumulated Depreciation $3125 Debit Depreciation Expense $3,125 Credit Cash $3125 Debit Depreciation Expense 5625, Credit Cash $625 Debit Depreciation Expense $625. Credit Accumulated Depreciation $3125