Novak Corp. purchased equipment for $18300 on December 1. It is estimated that annual depreciation on the computer will be $3660. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: debit Depreciation Expense, $14640; credit Accumulated Depreciation, $14640. debit Depreciation Expense, $305; credit Accumulated Depreciation, $305. O debit Depreciation Expense, $3660; credit Accumulated Depreciation, $3660. O debit Equipment, $18300; credit Accumulated Depreciation, $18300