For the assets involved in transactions below, record the adjusting entry for depreciation at the end of the current year.

On January 1, purchased another business for $159,000 cash, including $9,000 for goodwill. The assets included accounts receivable with a fair value of $13,000 and property and equipment with a fair value of $137,000 (with a residual value of $14,385 and estimated useful life of 10 years). The company assumed no liabilities. Goodwill has an indefinite life.