Question 15 1 pts A business acquires equipment for $140,000 on January 1, 2011. The equipment depreciation will be $20,000 each year for the seven years of the asset's expected life. The business records depreciation once a year on December 31. Which of the following is the adjusting entry required on December 31, 2011? O Debit $140,000 to Depreciation expense, credit $140,000 to Accumulated depreciation O Debit $20,000 to Depreciation expense, credit $20,000 to Accumulated depreciation O Debit $140,000 to Equipment, credit $140,000 to Cash O Debit $20,000 to Depreciation expense, credit $20,000 to Equipment