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. Accumulated Depreciation: The Krug Company's Accumulated Depreciation account has a $23,500 balance to start the year. A review of depreciation schedules reveals that $26,600 of depreciation expense must be recorded for the year. \begin{tabular}{|l|l|l|} \hline Step 1: Determine what the current account balance equals. & Accumulated depreciation \\ \hline Step 2: Determine what the current account balance should equal. & \\ \hline Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. & \\ \hline \end{tabular} c. Accumulated Depreciation: The company has only one plant asset (equipment) that it purchased at the start of this year. That asset had cost $72,000, had an estimated life of seven years, and is expected to be valued at $16,000 at the end of the seven years. The company uses straight line depreciation method to calculate its depreciation. 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. Accumulated Depreciation: The Krug Company's Accumulated Depreciation account has a $23,500 balance to start the year. A review of depreciation schedules reveals that $26,600 of depreciation expense must be recorded for the year. \begin{tabular}{|l|l|l|} \hline Step 1: Determine what the current account balance equals. & Accumulated depreciation \\ \hline Step 2: Determine what the current account balance should equal. & \\ \hline Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. & \\ \hline \end{tabular} c. Accumulated Depreciation: The company has only one plant asset (equipment) that it purchased at the start of this year. That asset had cost $72,000, had an estimated life of seven years, and is expected to be valued at $16,000 at the end of the seven years. The company uses straight line depreciation method to calculate its depreciation