Prepare the journal entry to record depreciation recorded on December 31. (Credl account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter Ofor the amounts.) What was the depreciation expense? Shown below are the T-accounts relating to equipment that was purchased for cash by a company on the first day of the current year. The equipment was depreciated on a straight-line basis with an estimated useful tife of 10 vears and a salvage value of $190 part of the equipment was sold on the last day of the current year for cash proceeds