On the first day of the year Canada Traders purchased a Trailer for $12 000 which is to be depreciated by 25% a year. At the end of the first year the adjusting entry to record depreciation is which of the following? Select one a. Debit depreciation of Trailer $3 000; credit accumulated depreciation of Trailer $3000 b. Debit depreciation of Trailer $12 000; credit accumulated depreciation of Trailer $12000 c. Debit depreciation of Trailer $3 000; credit Trailer $3 000 d. Debit accumulated depreciation of Trailer $3000, credit depreciation of Trailer $3000