explain the year end adjustment rewuired on 30 june 2020 for the following situation. in your explanation, make sure you clearly articulate why the adjustments is needed and the anlunr for which the adjustment shiuld be made. ensure you identify the accounrs that should be credited and debited.

equipment purchased for 76000 dollars on 1 april 2020 and is yet to be depreciated. the directors have determine this equipment will last for five years from date of acquisition and at the end of irs useful life have a residual value of 6000 follars. they have determined that rhey wjll depreciate rhis equipment using the straight line method of depreciation