For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at December 31 Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 Assume no other adjusting entries are made during the year. a. The Krug Company's Accumulated Depreciation account has a $20,500 balance to start the your. A review of depreciation schedules reveals that $23,000 of depreciation expense must be recorded for the year. Debitor Credit? Accumulated depreciation Step 1: Determine what the current account balance equals $ 20,500 Stap 2: Determine what the current account balance should equal $ 23,000 Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 Adjusting Entry Debit Credit 75 b. The company has only one fixed asset(truck) that it purchased at the start of this year. That asset had cost $68,000, had an estimated life of 5 years, and is expected to have zero value at the end of the 5 years Accumulated depreciation -Truck Step 1: Determine what the current account balance equals Stop 2 Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to stop 2 c. The company has only one fixed asset (equipment that it purchased at the start of this year. That asset had cost $80.000, had an estimated life of 7 years, and is expected to be valued at $12,400 at the end of the 7 years b. The company has only one fixed asset (truck) that it purchased at the start of this year. That asset had cost $58,000, hodan estimated life of 5 years, and is expected to have zero value at the end of the 5 years. Accumulated depreciation --Truck Step 1: Determine what the current account balance equals Step 2: Determine what the current account balance should equal Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 c. The company has only one fixed asset (equipment) that it purchased at the start of this year. That assot had cost $80,000, had an estimated Ilie of 7 years, and is expected to be valued at $12,400 at the end of the 7 years, Accumulated depreciation Equipment Step 1: Determine what the current account balance equals. Stop 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to stop 2