On November 2, Troy Brothers Inc purchased equipment costing $49,000 having a useful life of 7 years. Troy Brothers Inc. is preparing its financial statements for the year ending December 31. Assuming no monthly adjusting entries have been prepared, what year-end adjusting entry must Troy Brothers Inc. prepare? Debit Equipment, credit cash for $49,000 Debit Accumulated Depreciation, credit Depreciation Expense for $583 Debit Depreciation Expense, credit Accumulated Depreciation for $583 Debit Depreciation Expense, credit Accumulated Depreciation for $1,167 Debit Accumulated Depreciation, credit Depreciation Expense for $1,167