Prepare the required adjusting journal entry at December 31,2022 , the end of the annual accounting period for the items below. Assume that no adjusting entries have been made during the year. C. On January 1, 2022, Polk Company acquired a used dump truck that cost $8,000 to use hauling gravel. The comp estimated a residual value of 10% of cost and a useful life 4 years. The company uses straight-line depreciation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the depreciation expense under straight-line method, for the dump truck purchased on January 1,2022 for $8,000 with an estimated residual value of 10% on cost and a useful life of 4 years. Note: Enter debits before credits