Presented below is information related to equipment owned by Crane Company at December $31,2020.$

Assume that Crane will continue to use this asset in the future. As of December $31,2020,$ the equipment has a remaining useful life

of $4$ years.

$($a$).$

$($b$)$

Prepare the journal entry to record depreciation expense for $2021.($If no entry is required, select $"$No entry" for the account titles and

enter $0$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Account Titles and Explanation

Debit

Credit