Details regarding Leroux Steel's purchases of plant and equipment items during 2020 follow: Date of Purchase a. Jan. 1 b. Apr. 1 c. Nov. 1 Plant and Equipment Item Machine A Machine B Machine C Cost $106,500 83,500 42,200 Estimated Useful life 5 years 4 years 2 years Estimated Sales Value at End of Estimated Useful Life 0 4,300 3,800 Assume Leroux Steel uses the straight-line method to depreciate its assets. Required: Prepare the annual adjusting entry at December 31, 2020, Lerouxs year-end, for each plant and equipment item. View transaction list Journal entry worksheet 1 2 3 > Record the depreciation on Machine A Required: Prepare the annual adjusting entry at December 31, 2020, Lerouxs year-end, for each plant and equipment item. View transaction list Journal entry worksheet Record the depreciation on Machine A. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2020 Analysis Component: If depreciation is not recorded, how would the income statement be affected? Expenses Profit