On December 31 , a business estimates depreciation on equipment used during the first year of operations to be $2,900. a. Journalize the adjusting entry required on December 31 . If an amount box does not require an entry, leave it blank. 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 31 ? (1) The income statement for the year Depreciation expense (or expenses) would be Net income would be (2) The balance sheet as of December 31 and total assets would be Stockholders' equity would be