On July 1, 2021, Crane Company purchases equipment for $45,600. The company uses straight-line depreciation. It estimates the equipment will have a 10-year life. Crane Company has a December 31 year end. Record the purchase of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date: Account Titles and Explanation July 1/21 Debit Calculate the amount of depreciation Crane Company should record for the year of the equipment purchase. Amount of depreciation $ Credit