On January 1, 20x1, Mercury Corp. purchased and placed into service equipment with a cost of $600,000. The equipment has an estimated useful life of 5 years and an estimated residual value of $20,000. Mercury has chosen to use the straight-line depreciation method on this equipment. Required: In the journal below, prepare the year-end adjusting entry to record the equipment's depreciation for 20X1. Note: Do not use symbols, decimals, or cents in the numerical response. Date Debit Credit 12/31/X1