Question 1 17.5 Points On January 1, 2017 Baker purchased a new stamping machine for its plant. This new plece 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 junes depreciation: 2.000 Accumulated Depreciation Depreciation Expense 2.000 12.000 Depreciation Expense Accumulated Depreciation 12.000 2.000 Depreciation Expense Accumulated Depreciation 2.000 24.000 D Depreciation Expense Cash 2.000 Lost on Equipment 22,000 E None of the above X 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 Junes depreciation: s 2.000 Gradin Accumulated Depreciation Depreciation Expense 2.000 BOS DOS 000 Depreciation Expense Accumulated Deprecation 12.000 2.000 Depreciation Expense Accumulated Depreciation 2.000 24,000 @ Depreciation Expense Cash 2.000 22,000 Loss on Equipment None of the above