Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. Equipment purchased for $71,000 on January 3, 20x1, has an estimated life of 4 years and an estimated salvage value of $6,400. The firm uses the straight-line method of depreciation. Determine the adjustment for the month ended January 31, 20X1. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record adjusting entry for depreciation. Note: Enter debits before credits Date General Journal Debit Credit Jan. 31. 20X1 Record entry Clear entry View general joumal