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 $18,000 balance to start the year. A review of depreciation schedules reveals that $20,000 of depreciation expense must be recorded for the year. 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. Accumulated depreciation b. The company has only one fixed asset (truck) that it purchased at the start of this year. That asset had cost $53,000, had an estimated life of 5 years, and is expected to have zero value at the end of the 5 years. 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. Accumulated depreciation -Truck 0 c. The company has only one fixed asset (equipment) that it purchased at the start of this year. That asset had cost $50,000, had an estimated life of 7 years, and is expected to be valued at $9,400 at the end of the 7 years. 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. Accumulated depreciation -Equipment