On January 1, 2019 Uncle Fester purchased communication equipment for cost of $120,000. The equipment has a salvage value of $24,000 and will be depreciated over 4 years. The adjusting entry at December 31, 2019 (to record one year of depreciation) would be: Account Name Debit Credit 30,000 30.000 30,000 30.000 Depreciation Expense Accumulated Depreciation Accumulated Depreciation Depreciation Expense Accumulated Depreciation Depreciation Expense Depreciation Expense Accumulated Depreciation 24,000 24,000 24,000 24,000