Instructions X On December 31, a business estimates depreciation on equipment used during the first year of operations to be $13,900 Required: a. Journalize the adjusting entry required as of December 31. Refer to the Chart of Accounts for exact wording of account titles b. If the adjusting entry in (a) were omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 312