Machinery was purchased on April 1 at a cost of $17,600. The estimated salvage value is...

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Machinery was purchased on April 1 at a cost of $17,600. The estimated salvage value is $1,600, and the estimated useful life is eight years. The entry to record the depreciation on December 31, the close of the annual accounting period, is: debit Accumulated Depreciation-Equipment; credit Depreciation Expense-Equipment, $2,000. O debit Depreciation Expense-Equipment; credit Accumulated Depreciation-Equipment, $2,000. O debit Depreciation Expense-Equipment; credit Accumulated Depreciation-Equipment, $1,500. Odebit Accumulated Depreciation-Equipment; credit Depreciation Expense-Equipment, $1,500. Machinery was purchased on April 1 at a cost of $17,600. The estimated salvage value is $1,600, and the estimated useful life is eight years. The entry to record the depreciation on December 31, the close of the annual accounting period, is: debit Accumulated Depreciation-Equipment; credit Depreciation Expense-Equipment, $2,000. O debit Depreciation Expense-Equipment; credit Accumulated Depreciation-Equipment, $2,000. O debit Depreciation Expense-Equipment; credit Accumulated Depreciation-Equipment, $1,500. Odebit Accumulated Depreciation-Equipment; credit Depreciation Expense-Equipment, $1,500.