For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at December 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. c. Accumulated Depreciation: The company has only one fixed asset (equipment) that it purchased at the start of this year. That asset had cost $56,000, had an estimated life of seven years, and is expected to be valued at $11,200 at the end of the seven