Lily Company purchases equipment for $8000 on November 1, 2020. It is estimated that annual depreciation on the equipment will be $1320. Assuming adjusting entries are onlyprepared at year-end, the company should make the following adjusting entry: A) Debit Depreciation Expense, $660; Credit Equipment, $660 B) Debit Depreciation Expense, $220; Credit Accumulated Depreciation, $220. C) Debit Depreciation Expense, $1320; Credit Accumulated Depreciation, $1320. D) Debit Accumulated Depreciation, $220; Credit Depreciation Expense, $220