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Waterway Company purchased equipment for $34800 on December 1 . It is estimated that annual depreciation on the equipment will be $8700. If financial statements are to be prepared on December 31 , the company should make the following adjusting entry: Debit Depreciation Expense, \$725; Credit Accumulated Depreciation, $725. Debit Equipment, \$34800; Credit Accumulated Depreciation, $34800. Debit Depreciation Expense, $26100; Credit Accumulated Depreciation, $26100. Debit Depreciation Expense, $8700; Credit Accumulated Depreciation, $8700