QUESTION 1 1. On January 1, 2017 Baker purchased a new stamping machine for its plant. This new piece of equipment cost $120,000 and was recorded in Baker's accounting system with a $120,000 debit to the Equipment account and a $120,000 credit to the Cash account. Baker estimates that the stamping machine will last 5 years and will have no value at the end of those 5 years. At the end of January, February, March, April, and May, Baker made the correct depreciation adjusting entries. Select the June 30, 2017 adjusting entry Baker should make for June's depreciation: a Accumulated Depreciation 2,000 Depreciation Expense 2,000 b Depreciation Expense 12,000 Accumulated Depreciation 12,000 C Depreciation Expense 2,000 Accumulated Depreciation 2,000 Depreciation Expense 24,000 Cash 2,000 Loss on Equipment 22,000 None of the above